Senate Bill S7143

2021-2022 Legislative Session

Requires assessments to defray operating expenses on persons regulated by the department of financial services that engage in virtual currency business activity

download bill text pdf

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Archive: Last Bill Status - Stricken


  • 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-S7143 (ACTIVE) - Details

See Assembly Version of this Bill:
A7849
Law Section:
Financial Services Law
Laws Affected:
Amd §206, Fin Serv L

2021-S7143 (ACTIVE) - Summary

Requires the superintendent of the department of financial services to assess persons regulated under the financial services law that engage in virtual currency business activity for the operating expenses of the department that are solely attributable to regulating such persons.

2021-S7143 (ACTIVE) - Sponsor Memo

2021-S7143 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7143
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               June 2, 2021
                                ___________
 
 Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT to amend the financial services law,  in  relation  to  requiring
   assessments  to  defray operating expenses on persons regulated by the
   department of financial services that engage in virtual currency busi-
   ness activity

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subsection (a) of section 206 of the financial services law
 is amended to read as follows:
   (a) For each fiscal year commencing on or after April first, two thou-
 sand  twelve,  assessments  to  defray operating expenses, including all
 direct and indirect costs, of the department, except  expenses  incurred
 in  the  liquidation  of banking organizations, shall be assessed by the
 superintendent in accordance with  this  subsection.  Persons  regulated
 under  the insurance law shall be assessed by the superintendent for the
 operating expenses of the department that  are  solely  attributable  to
 regulating  persons  under  the  insurance  law, which shall include any
 expenses that were permissible to be assessed in fiscal year  two  thou-
 sand nine-two thousand ten, with the assessments allocated pro rata upon
 all  domestic  insurers and all licensed United States branches of alien
 insurers domiciled in this state within the meaning of paragraph four of
 subsection (b) of section seven  thousand  four  hundred  eight  of  the
 insurance  law,  in  proportion  to  the gross direct premiums and other
 considerations, written or received by them in  this  state  during  the
 calendar year ending December thirty-first immediately preceding the end
 of  the fiscal year for which the assessment is made (less return premi-
 ums and considerations thereon) for policies or contracts  of  insurance
 covering  property  or risks resident or located in this state the issu-
 ance of which policies or contracts requires a license from  the  super-
 intendent.  Persons regulated under the banking law shall be assessed by

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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