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NY A03695
Bill
Status
1/30/2025
Primary Sponsor
David Weprin
Click for details
AI Summary
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Creates a new licensing requirement for compliance officers and practitioners working in New York's financial services industry, covering individuals who draft compliance policies, implement regulatory controls, or monitor and report misconduct
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Requires applicants to be at least 21 years old, pass a written examination, submit fingerprints for criminal background checks, and possess either a bachelor's degree with 2 years of financial industry experience or 5 years of practical experience plus 35 hours of approved formal training
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Prohibits licensing for individuals convicted of a felony or any crime involving fraudulent or dishonest practices, unless they have received an executive pardon or certificate of relief from disabilities
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Sets license fees at $75 per year with a two-year renewal cycle, and mandates 36 credit hours of continuing education during each biennial licensing period to maintain licensure
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Authorizes the Superintendent of Financial Services to establish examination types, issue temporary permits valid up to 120 days, and create regulations for proper supervision of compliance professionals
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
1/7/2026