Loading chat...
NY S02632
Bill
Status
Introduced
1/22/2021
Primary Sponsor
James Sanders
Click for details
AI Summary
- Prohibits any person from requiring a confession of judgment in contracts or agreements for financial products or services
- Applies to financial products and services offered by entities regulated by the superintendent of financial services under banking law or insurance law, or offered to consumers generally
- Excludes financial products and services regulated exclusively by federal agencies, other state agencies, or where state regulations would be preempted by federal law
- Defines covered products and services to include those requiring registration or licensing, those with specific consumer or investor protections in state law or regulation, and securities and commodities under article twenty-three-A
- Takes effect ninety days after the bill becomes law
Legislative Description
Prohibits the inclusion of a confession of judgment in a contract or agreement for a financial product or service.
Last Action
COMMITTED TO RULES
6/3/2022
Committee Referrals
Rules6/3/2022
Consumer Affairs and Protection1/22/2021
Full Bill Text
No bill text available