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Senate Bill S1868

2009-2010 Legislative Session

Relates to false statements or rumors as to financial institutions and creates another class of crime

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Archive: Last Bill Status - In Senate Committee Banks Committee

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2009-S1868 (ACTIVE) - Details

Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Amd ยง671, Bank L

2009-S1868 (ACTIVE) - Summary

Relates to false statements or rumors as to financial institutions and creates another class of crime.

2009-S1868 (ACTIVE) - Sponsor Memo

2009-S1868 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  1868

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                            February 9, 2009
                               ___________

Introduced  by  Sen.  KLEIN  -- read twice and ordered printed, and when
  printed to be committed to the Committee on Banks

AN ACT to amend the banking law, in  relation  to  false  statements  or
  rumors as to financial institutions

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 671 of the banking law, as added by chapter 1031 of
the laws of 1965, is amended to read as follows:
  S 671. False statements or rumors as  to  [banking]  FINANCIAL  insti-
tutions.   1. Any person who wilfully and knowingly makes, circulates or
transmits to another or others any statement or rumor, written,  printed
or  by  word  of  mouth,  which  is untrue in fact and is directly or by
inference derogatory to the financial condition or [effects] AFFECTS the
solvency or financial standing of  any  bank,  private  banker,  savings
bank,  banking  association,  building  and loan association, INVESTMENT
BANK or trust company doing business in this  state,  or  who  knowingly
counsels, aids, procures or induces another to start, transmit or circu-
late any such statement or rumor, is guilty of a CLASS A misdemeanor.
  2.   ANY PERSON WHO WILFULLY AND KNOWINGLY MAKES, CIRCULATES OR TRANS-
MITS TO ANOTHER OR OTHERS ANY STATEMENT OR RUMOR, WRITTEN, PRINTED OR BY
WORD OF MOUTH, WHICH IS UNTRUE IN FACT AND IS DIRECTLY OR  BY  INFERENCE
DEROGATORY  TO THE FINANCIAL CONDITION OR AFFECTS THE SOLVENCY OR FINAN-
CIAL STANDING OF ANY BANK, PRIVATE BANKER, SAVINGS BANK, BANKING ASSOCI-
ATION, BUILDING AND LOAN ASSOCIATION, INVESTMENT BANK OR  TRUST  COMPANY
DOING  BUSINESS IN THIS STATE, OR WHO KNOWINGLY COUNSELS, AIDS, PROCURES
OR INDUCES ANOTHER TO START, TRANSMIT OR CIRCULATE ANY SUCH STATEMENT OR
RUMOR WHERE THE FALSE STATEMENTS DIRECTLY IMPERIL THE  SOLVENCY  OF  THE
AFORESAID  PARTIES OR WHERE THE CONDUCT IS COMMITTED BY A PERSON WHO HAS
BEEN PREVIOUSLY CONVICTED OF A VIOLATION OF THIS SECTION, IS GUILTY OF A
CLASS E FELONY.
  S 2. This act shall take effect on the first of November next succeed-
ing the date on which it shall have become a law.

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

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