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NY A08063
Bill
Status
6/11/2021
Primary Sponsor
Victor Pichardo
Click for details
AI Summary
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Removes the requirement that fraud or misrepresentation must be "intentional" to trigger civil penalties under Financial Services Law Section 408.
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Expands civil penalties to cover "unfair, deceptive, or abusive act or practice" and includes violations involving service providers utilized by financial product or service providers.
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Eliminates subsection (b) of Section 408 that previously directed civil penalty revenues to reduce assessments on insurance and banking law regulated persons before paying excess funds to the general fund.
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Redefines "financial product or service" to exclude warranties and guaranties/suretyships, narrowing the scope of products subject to superintendent regulation.
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Takes effect immediately upon enactment.
Legislative Description
Relates to civil penalties associated with financial frauds; redefines financial product or service to include warranties sold or provided to a consumer or small business or any guaranty or suretyship provided by a consumer.
Last Action
enacting clause stricken
9/15/2021