senate Bill S3653

2011-2012 Legislative Session

Fixes the date of cancellation of financed insurance and provides for a mechanism for cancellation by electronic means

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 04, 2012 referred to banks
Feb 28, 2011 referred to banks

S3653 - Details

Law Section:
Banking Law
Laws Affected:
Amd ยงยง571 & 576, Bank L
Versions Introduced in 2009-2010 Legislative Session:
S4907

S3653 - Summary

Fixes the date of cancellation of financed insurance and provides for a mechanism for cancellation by electronic means; provides that the date of cancellation shall be in the cancellation notice.

S3653 - Sponsor Memo

S3653 - Bill Text download pdf

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

                                  3653

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            February 28, 2011
                               ___________

Introduced  by  Sen.  SMITH  -- 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  cancellation  of  an
  insurance contract upon default

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

  Section 1. Section 571 of the banking law, as amended by chapter  1142
of the laws of 1969, is amended to read as follows:
  S 571.  Delivery  of copy of premium finance agreement. Before the due
date of the first instalment payable under a premium finance  agreement,
the  insurance agent or broker or the premium finance agency holding the
agreement shall deliver to the insured, or mail to him at his address as
shown in the agreement, a copy thereof or, if  the  agreement  contained
any  blank  space when it was signed by the insured and such blank space
was subsequently filled  in  in  accordance  with  subdivision  four  of
section  five hundred sixty-seven, a copy of the agreement, as so filled
in.  THE PREMIUM FINANCE AGENCY SHALL MAIL NOTICE OF A  PREMIUM  FINANCE
AGREEMENT  TO  THE  INSURANCE CARRIERS WHOSE PREMIUMS ARE BEING FINANCED
UNDER SUCH PREMIUM FINANCE AGREEMENT WITHIN TEN DAYS OF  THE  DATE  THAT
THE PREMIUM FINANCE AGREEMENT BECOMES A CONTRACT.
  S 2. Paragraph (d) of subdivision 1 of section 576 of the banking law,
as  amended  by  chapter  565 of the laws of 1978, is amended to read as
follows:
  (d) After the notice in paragraph (a) [above] OF THIS SUBDIVISION  has
expired,  the  premium finance agency may thereafter, in the name of the
insured, cancel such insurance contract by  mailing  to  the  insurer  a
notice  of  cancellation  [stating  when  thereafter the policy shall be
cancelled, and the insurance contract shall  be  cancelled  as  if  such
notice  of  cancellation  had been submitted by the insured himself, but
without requiring the return of the insurance contract] TO  THE  ADDRESS
TO  WHICH  NOTICE OF THE PREMIUM FINANCE AGREEMENT WAS PROVIDED PURSUANT

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09857-01-1

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