NY A04175

Increases civil penalty authority for financial fraud to up to $5,000 per offense, removing the requirement that fraud be "intentional" and expanding coverage to include unfair, deceptive, or abusive acts or practices involving service providers.

Removes the previous provision that directed civil penalties received by the superintendent to reduce assessments on regulated entities, eliminating the offset mechanism for banking and insurance law regulated persons.

Expands the definition of "financial product or service" to explicitly include warranties sold to consumers or small businesses and guaranties or surety agreements provided by consumers.

Eliminates exclusions from financial product definitions that previously exempted certain credit extensions and debt collection activities offered by consumer goods or services providers.

Takes effect immediately upon enactment.