senate Bill S4362

2013-2014 Legislative Session

Relates to protecting and compensating whistleblowers who provide original information to the department of financial services as to violations of certain laws

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Finance 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 08, 2014 referred to finance
Mar 22, 2013 referred to finance

Co-Sponsors

S4362 (ACTIVE) - Details

Current Committee:
Senate Finance
Law Section:
Financial Services Law
Laws Affected:
Amd §104, add §410, Fin Serv L

S4362 (ACTIVE) - Summary

Relates to protecting and compensating whistleblowers who provide original information to the department of financial services as to violations of the banking, insurance, and financial services laws and any other applicable law.

S4362 (ACTIVE) - Sponsor Memo

S4362 (ACTIVE) - Bill Text download pdf

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

                                  4362

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                             March 22, 2013
                               ___________

Introduced  by  Sens. SEWARD, GRIFFO -- (at request of the Department of
  Financial Services) -- read twice and ordered printed, and when print-
  ed to be committed to the Committee on Finance

AN ACT to amend the financial services law, in  relation  to  protecting
  and  compensating  whistleblowers  who provide original information to
  the department of financial services as to violations of  the  banking
  law,  the  insurance  law,  the  financial  services law and any other
  applicable law

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

  Section 1. Subsection (a) of section 104 of the financial services law
is  amended  by adding seven new paragraphs 6, 7, 8, 9, 10, 11 and 12 to
read as follows:
  (6) "COVERED JUDICIAL OR ADMINISTRATIVE ACTION" SHALL MEAN  ANY  JUDI-
CIAL OR ADMINISTRATIVE ACTION BROUGHT, WITHIN THE SOLE DISCRETION OF THE
SUPERINTENDENT,  BY  THE DEPARTMENT UNDER THE INSURANCE LAW, THE BANKING
LAW OR THIS CHAPTER THAT RESULTS IN FINES, PENALTIES, SETTLEMENT  MONIES
OR  OTHER  MONETARY RESOLUTION ON BEHALF OF THE DEPARTMENT EXCEEDING ONE
MILLION DOLLARS.
  (7) "EMPLOYER" SHALL  MEAN  ANY  INDIVIDUAL  OR  ENTITY  WHO  OR  THAT
RETAINED  THE  SERVICES OF THE WHISTLEBLOWER EITHER BY EMPLOYMENT AGREE-
MENT OR ANY OTHER CONTRACTUAL OR SUB-CONTRACTUAL ARRANGEMENT.
  (8) "MONETARY SANCTIONS" SHALL MEAN:
  (A) ANY MONIES, INCLUDING PENALTIES, DISGORGEMENT AND INTEREST ORDERED
TO BE PAID; AND
  (B) ANY MONIES DEPOSITED INTO A DISGORGEMENT FUND OR OTHER FUND PURSU-
ANT TO THE BANKING LAW, THE INSURANCE LAW OR THIS CHAPTER  OR  RULES  OR
REGULATIONS PROMULGATED THEREUNDER, AS A RESULT OF A COVERED JUDICIAL OR
ADMINISTRATIVE ACTION OR ANY SETTLEMENT OF SUCH ACTION.
  (9) "ORIGINAL INFORMATION" SHALL MEAN INFORMATION THAT:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08859-02-3

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