Assembly Bill A7786

2021-2022 Legislative Session

Provides for a study regarding insurance or other risk mitigation tools and third-party payroll service providers

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Archive: Last Bill Status Via S3577 - On Floor Calendar

  • 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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2021-A7786 (ACTIVE) - Details

See Senate Version of this Bill:
S3577
Law Section:
Financial Services
Versions Introduced in 2019-2020 Legislative Session:
S6728

2021-A7786 (ACTIVE) - Summary

Requires the department of financial services, in consultation with the department of taxation and finance, to conduct a study regarding insurance or other risk mitigation tools and third-party payroll service providers; provides that the superintendent of financial services shall submit a report to the governor, the temporary president of the senate and the speaker of the assembly of the department's findings, conclusions, and recommendations.

2021-A7786 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7786
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 21, 2021
                                ___________
 
 Introduced by M. of A. CAHILL -- read once and referred to the Committee
   on Banks
 
 AN ACT in relation to requiring the department of financial services, in
   consultation with the department of taxation and finance, to conduct a
   study  regarding  insurance  or other risk mitigation tools and third-
   party payroll service providers

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  1. The superintendent of financial services, in consulta-
 tion with the commissioner of taxation and  finance,  shall  review  the
 adequacy of employee protections and small business employer protections
 in  the payroll services industry.  The superintendent shall make recom-
 mendations regarding the same.   Such review shall include  but  not  be
 limited to:
   (a)  the present state of employee protections in the payroll services
 industry;
   (b) the present state of small business employer  protections  in  the
 payroll services industry;
   (c) the incidence of fraud or misappropriation of payroll funds in the
 payroll services industry;
   (d)  the  number  of  small  businesses  in  New York that use payroll
 service providers;
   (e) the number and size of payroll service providers in New York;
   (f) specific causal or facilitative facts regarding instances of fraud
 or misappropriation by payroll service providers;
   (g) the feasibility and  advisability  of  requiring  payroll  service
 providers to obtain insurance, post bonds, or utilize other risk manage-
 ment  tools to address potential situations in which payroll monies owed
 to employees on behalf of businesses  are  stolen,  misappropriated,  or
 otherwise  rendered unavailable after being transmitted from an employer
 to a payroll service provider or an affiliated entity; and
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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