NY A04327

Prohibits any person from requiring a confession of judgment in contracts or agreements for financial products or services

Applies to financial products and services offered by entities regulated by the Superintendent of Financial Services under banking or insurance law, as well as consumer financial products generally

Exempts financial products under exclusive federal jurisdiction, those regulated by other state agencies for consumer/investor protection, or where state rules would be preempted by federal law

Defines regulated products to include those requiring registration/licensing, those with specific consumer protection provisions, and securities, commodities, and real property under Article 23-A

Takes effect 90 days after becoming law