Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 30, 2025 |
referred to banks |
Senate Bill S3789
2025-2026 Legislative Session
Sponsored By
(D) 20th Senate District
Current Bill Status - In Senate Committee Banks 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
2025-S3789 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A3459
- Current Committee:
- Senate Banks
- Law Section:
- Financial Services Law
- Laws Affected:
- Amd §408, Fin Serv L
- Versions Introduced in 2023-2024 Legislative Session:
-
S6639, A7814
2025-S3789 (ACTIVE) - Sponsor Memo
BILL NUMBER: S3789 SPONSOR: MYRIE TITLE OF BILL: An act to amend the financial services law, in relation to civil penal- ties for certain fraud or misrepresentation of a material fact with respect to a financial product or service PURPOSE: This legislation intends to close a loophole in the financial services law requiring intentionality for fraud or misrepresentation that is generally not required in the enforcement of civil law. SUMMARY OF PROVISIONS: Section 1 amends subparagraph (A) of paragraph 1 of subsection (a) of 2 section 408 of the financial services law which removes the word, "intentional". Section 2 provides the effective date.
2025-S3789 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3789 2025-2026 Regular Sessions I N S E N A T E January 30, 2025 ___________ Introduced by Sen. MYRIE -- read twice and ordered printed, and when printed to be committed to the Committee on Banks AN ACT to amend the financial services law, in relation to civil penal- ties for certain fraud or misrepresentation of a material fact with respect to 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. Subparagraph (A) of paragraph 1 of subsection (a) of section 408 of the financial services law is amended to read as follows: (A) any [intentional] fraud or [intentional] misrepresentation of a material fact with respect to a financial product or service or involv- ing any person offering to provide or providing financial products or services; or § 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD05052-01-5
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