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NY A07966
Bill
Status
8/18/2023
Primary Sponsor
David Weprin
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AI Summary
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Establishes a new compliance officer or compliance practitioner license under New York Financial Services Law, required for individuals performing compliance tasks including drafting policies, designing controls, and monitoring misconduct in the financial services industry.
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Requires applicants to be at least 21 years old, pass a written examination (with limited exemptions), and demonstrate either a bachelor's degree with 2 years of financial industry experience or 5 years of practical financial services experience, plus 35 hours of approved formal training.
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Prohibits licensing of individuals convicted of felonies or crimes involving fraudulent or dishonest practices, with exceptions for those who received executive pardons or certificates of relief from disabilities.
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Sets annual license fees at $75 per year, with exemptions for veterans discharged under honorable conditions during the license period, and requires 36 credit hours of continuing education during each two-year licensing period.
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Grants the Superintendent authority to prescribe license types, examination procedures, continuing education standards, and establish regulations for supervision of compliance officers and practitioners.
Legislative Description
Requires individuals who perform compliance functions, duties or tasks to obtain a compliance officer or compliance practitioner license; establishes application and examination requirements to obtain, and continuing education requirements to maintain, licensure; permits the superintendent to issue licensing procedures and to prescribe regulations necessary for the proper supervision of compliance officers and practitioners.
Last Action
referred to banks
1/3/2024