NY A01222

Authorizes the Department of Financial Services superintendent to impose civil penalties on persons engaging in financial activities requiring a license, certification, registration, or charter without obtaining proper authorization

Defines "prohibited unlicensed act" as either operating without required licensure or committing violations that would be penalized if the person were properly licensed

Sets penalty amounts to match existing penalties under banking law, insurance law, or financial services law depending on which regulatory framework applies to the violation

Allows penalties to be doubled (up to 2x the standard amount) when a prohibited unlicensed act results in consumer harm

Grants the superintendent authority to order restitution payments from unlicensed actors after notice and hearing, in addition to civil penalties