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NY S03789

Bill

Official Source

Status

Introduced

1/30/2025

Primary Sponsor

Zellnor Myrie

Click for details

Origin

Senate

2025-2026 General Assembly

AI Summary

  • Amends Section 408 of the financial services law to expand civil penalty provisions for fraud or misrepresentation related to financial products or services

  • Removes the requirement that fraud must be "intentional" to trigger civil penalties

  • Adds "negligent" misrepresentation of material facts as grounds for civil penalties, lowering the standard of proof needed for enforcement

  • Applies to any person offering or providing financial products or services

  • 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 BANKS

1/7/2026

Committee Referrals

Banks1/7/2026
Rules6/13/2025
Banks1/30/2025

Full Bill Text

No bill text available