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Senate Bill S5415

2013-2014 Legislative Session

Requires the establishment of a securities investor protection program

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Archive: Last Bill Status - In Senate Committee Banks Committee

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2013-S5415 (ACTIVE) - Details

Current Committee:
Senate Banks
Law Section:
Financial Services Law
Laws Affected:
Amd ยง301, Fin Serv L

2013-S5415 (ACTIVE) - Summary

Requires the establishment of a securities investor protection program to insure consumers of financial products and services in cases of theft by a regulated person.

2013-S5415 (ACTIVE) - Sponsor Memo

2013-S5415 (ACTIVE) - Bill Text download pdf 

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

                                  5415

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              May 16, 2013
                               ___________

Introduced by Sen. ESPAILLAT -- 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 requiring the
  establishment of a securities investor protection program

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

  Section 1. Section 301 of the financial services  law  is  amended  by
adding a new subsection (d) to read as follows:
  (D)  THE SUPERINTENDENT SHALL HAVE THE POWER TO ESTABLISH A SECURITIES
INVESTOR PROTECTION PROGRAM TO INSURE CONSUMERS  OF  FINANCIAL  PRODUCTS
AND SERVICES IN CASES OF THEFT BY A REGULATED PERSON. SUCH PROGRAM SHALL
ASSESS  A  FEE ON REGULATED FINANCIAL PRODUCTS AND SERVICES BASED ON THE
RISK ASSOCIATED WITH THE FINANCIAL PRODUCT OR SERVICE.  THE  SUPERINTEN-
DENT  SHALL  TAKE  ANY  AND  ALL ACTIONS AS HE OR SHE DEEMS NECESSARY TO
EFFECTUATE THE PROVISIONS OF THIS SUBSECTION.
  S 2. This act shall take effect immediately.






 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10891-01-3

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