NY A07196

Prohibits any person from requiring a confession of judgment in contracts or agreements for financial products or services in New York.

Applies to financial products and services offered by entities regulated by the superintendent of financial services under the banking law or insurance law, and to consumer financial products and services generally.

Excludes from the prohibition financial products or services that are: exclusively regulated by federal agencies, regulated by other state agencies for consumer or investor protection, or where state regulations would be preempted by federal law.

Defines regulated financial products and services to include those requiring state registration or licensing, those with specific consumer or investor protections in statute or regulation, and securities, commodities, and real property subject to article twenty-three-A of the general business law.

Effective ninety days after enactment into law.