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NY A03459
Bill
Status
Introduced
1/27/2025
Primary Sponsor
Charles Lavine
Click for details
AI Summary
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Amends the Financial Services Law to lower the standard for civil penalties from "intentional" fraud or misrepresentation to include "negligent" misrepresentation of material facts
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Applies to fraud or misrepresentation involving financial products or services, or persons offering or providing such services
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Removes the requirement that fraud or misrepresentation must be intentional to trigger civil penalties under Section 408
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Takes effect immediately upon enactment
Legislative Description
Relates to civil penalties for certain fraud or misrepresentation of a material fact with respect to a financial product or service.
Last Action
referred to codes
1/7/2026
Committee Referrals
Codes5/19/2025
Banks1/27/2025
Full Bill Text
No bill text available