NY S07420

Creates new civil penalty framework for unlicensed persons engaging in activities requiring financial services licenses under state law, even if they lack proper licensing or authorization.

Defines "prohibited unlicensed acts" as either operating without required licenses/certifications or conducting acts that would violate law if performed by licensed persons, applying penalties equal to licensed entity violations.

Authorizes superintendent of financial services to levy civil penalties up to double the standard amount when prohibited unlicensed acts result in consumer harm.

Empowers superintendent to order restitution to consumers harmed by unlicensed activities in addition to civil penalties.

Requires attorney general or district attorney to report status of reported violations to superintendent within 120 days of receipt.