Senate Bill S696

2017-2018 Legislative Session

Relates to immunity from civil liability for certain information from not-for-profit organizations

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2017-S696 (ACTIVE) - Details

See Assembly Version of this Bill:
A8281
Current Committee:
Assembly Banks
Law Section:
Financial Services Law
Laws Affected:
Amd §405, Fin Serv L
Versions Introduced in Other Legislative Sessions:
2015-2016: S7572
2019-2020: S3505, A3214

2017-S696 (ACTIVE) - Summary

Relates to immunity and information furnished to or from a not-for-profit organization dedicated to the investigation and prosecution of the banking law or the insurance law.

2017-S696 (ACTIVE) - Sponsor Memo

2017-S696 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    696
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                              January 4, 2017
                                ___________
 
 Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
   printed to be committed to the Committee on Insurance
 
 AN ACT to amend the financial services law, in relation to immunity from
   civil liability for certain information relating to insurance or bank-
   ing violations

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section  405  of the financial services law is amended to
 read as follows:
   § 405. Immunity. In the absence of  fraud  or  bad  faith,  no  person
 subject to the provisions of this chapter, the banking law or the insur-
 ance  law  shall  be  subject  to civil liability, and no civil cause of
 action of any nature shall arise against such person for any: (a) infor-
 mation relating to suspected violations of the banking law or the insur-
 ance law furnished  to  law  enforcement  officials,  their  agents  and
 employees; (b) information relating to suspected violations of the bank-
 ing  law  or the insurance law furnished to other persons subject to the
 provisions of this chapter; [and] (c) information furnished  in  reports
 to  the  financial  frauds  and  consumer protection unit, its agents or
 employees or any state agency investigating fraud or misconduct relating
 to financial  fraud,  its  agents  or  employees;  AND  (D)  INFORMATION
 FURNISHED TO OR FROM A NOT-FOR-PROFIT ORGANIZATION DEDICATED TO INVESTI-
 GATION  AND  ENFORCEMENT  OF  THE BANKING LAW OR THE INSURANCE LAW.  The
 superintendent or any employee of  the  financial  frauds  and  consumer
 protection  unit,  in  the  absence  of fraud or bad faith, shall not be
 subject to civil liability and no civil cause of action  of  any  nature
 shall arise against the superintendent or any such employee by virtue of
 the publication of any report or bulletin related to the official activ-
 ities  of  the  financial  frauds  and consumer protection unit. Nothing
 herein is intended to abrogate or modify in any way any common law priv-
 ilege or immunity heretofore enjoyed by any person.
   § 2. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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