NY A08291

Removes the "intentional" requirement from fraud violations, allowing civil penalties for fraud, misrepresentation, or unfair, deceptive, or abusive acts or practices without proving intent.

Expands civil penalty authority to include service providers utilized by persons offering financial products or services, not just the primary providers themselves.

Eliminates the provision directing civil penalties to reduce assessments for regulated entities and instead allows discretionary allocation of penalty funds.

Expands the definition of "financial product or service" to include warranties and guaranties/suretyships provided to consumers or small businesses.

Maintains existing civil penalty caps of $5,000 per offense for fraud and $1,000 for other violations of the financial services law.