NY S01290

Authorizes the Superintendent of Financial Services to impose civil penalties on unlicensed persons or entities conducting financial activities that require state licensing, certification, registration, or approval

Defines "prohibited unlicensed act" as either operating without required authorization or committing violations that would be punishable 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 when a prohibited unlicensed act results in consumer harm

Grants the superintendent authority to order restitution payments from persons committing unlicensed acts, in addition to civil penalties