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NY A07849
Bill
Status
5/27/2021
Primary Sponsor
Clyde Vanel
Click for details
AI Summary
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Amends Financial Services Law section 206 to require the superintendent to assess persons engaged in virtual currency business activity for operating expenses solely attributable to regulating them, in proportions the superintendent deems just and reasonable.
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Requires virtual currency business activity persons to be assessed a proportional share of general operating expenses not covered by insurance and banking law assessments, and excludes them from sharing costs that benefit only insurance or banking regulatees.
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Establishes that examination expenses for virtual currency business activity persons shall be paid by the regulated person examined, though the superintendent may remit charges with comptroller approval for good cause.
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Effective 60 days after enactment, with authorization for the department to adopt necessary rules and regulations immediately upon passage.
Legislative Description
Requires the superintendent of the department of financial services to assess persons regulated under the financial services law that engage in virtual currency business activity for the operating expenses of the department that are solely attributable to regulating such persons.
Last Action
referred to banks
1/5/2022