Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 05, 2022 |
referred to banks |
Jan 19, 2021 |
referred to banks |
Assembly Bill A2443
2021-2022 Legislative Session
Sponsored By
NIOU
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
Actions
co-Sponsors
Crystal Peoples-Stokes
Charles Barron
Ron Kim
Steven Englebright
2021-A2443 (ACTIVE) - Details
2021-A2443 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2443 2021-2022 Regular Sessions I N A S S E M B L Y January 19, 2021 ___________ Introduced by M. of A. NIOU, PEOPLES-STOKES, BARRON, KIM, ENGLEBRIGHT, EPSTEIN, FRONTUS, RICHARDSON, FALL, SAYEGH, ABINANTI, REYES, PRETLOW, ZEBROWSKI, L. ROSENTHAL, QUART, DINOWITZ -- read once and referred to the Committee on Banks AN ACT to amend the general business law, in relation to prohibiting the inclusion of a confession of judgment in a contract or agreement for a financial product or service THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The general business law is amended by adding a new section 394-bb to read as follows: § 394-BB. CONFESSION OF JUDGMENT REQUIREMENT FOR CERTAIN CONTRACTS; PROHIBITION. 1. NO PERSON SHALL REQUIRE A CONFESSION OF JUDGMENT IN ANY CONTRACT OR AGREEMENT FOR A FINANCIAL PRODUCT OR SERVICE. 2. AS USED IN THIS SECTION THE FOLLOWING TERMS SHALL HAVE THE FOLLOW- ING MEANINGS: (A) "FINANCIAL PRODUCT OR SERVICE" SHALL MEAN ANY FINANCIAL PRODUCT OR FINANCIAL SERVICE OFFERED OR PROVIDED BY ANY PERSON REGULATED OR REQUIRED TO BE REGULATED BY THE SUPERINTENDENT OF FINANCIAL SERVICES PURSUANT TO THE BANKING LAW OR THE INSURANCE LAW OR ANY FINANCIAL PROD- UCT OR SERVICE OFFERED OR SOLD TO CONSUMERS EXCEPT FINANCIAL PRODUCTS OR SERVICES: (I) REGULATED UNDER THE EXCLUSIVE JURISDICTION OF A FEDERAL AGENCY OR AUTHORITY, (II) REGULATED FOR THE PURPOSE OF CONSUMER OR INVESTOR PROTECTION BY ANY OTHER STATE AGENCY, STATE DEPARTMENT OR STATE PUBLIC AUTHORITY, OR (III) WHERE RULES OR REGULATIONS PROMULGATED BY THE SUPERINTENDENT OF FINANCIAL SERVICES ON SUCH FINANCIAL PRODUCT OR SERVICE WOULD BE PREEMPTED BY FEDERAL LAW. (B) "FINANCIAL PRODUCT OR SERVICE REGULATED FOR THE PURPOSE OF CONSUM- ER OR INVESTOR PROTECTION": (I) SHALL INCLUDE (A) ANY PRODUCT OR SERVICE FOR WHICH REGISTRATION OR LICENSING IS REQUIRED OR FOR WHICH THE OFFEROR OR PROVIDER IS REQUIRED TO BE REGISTERED OR LICENSED BY STATE LAW, (B) EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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