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Senate Bill S7511

2013-2014 Legislative Session

Relates to the ability of insurance premium finance agencies to provide notice of insurance cancellation by electronic means

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Banks Committee

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2013-S7511 (ACTIVE) - Details

Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Amd ยง576, Bank L

2013-S7511 (ACTIVE) - Summary

Provides that, in addition to mailing, notice of cancellation of an insurance premium finance contract upon default, may be delivered by electronic means, provided that such delivery method includes evidence of receipt, including a receipt created and maintained in electronic form.

2013-S7511 (ACTIVE) - Sponsor Memo

2013-S7511 (ACTIVE) - Bill Text download pdf 

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

                                  7511

                            I N  S E N A T E

                              May 15, 2014
                               ___________

Introduced  by  Sen.  FARLEY -- 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  electronic  notice  of
  cancellation of certain insurance contracts upon default

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

  Section 1. Section 576 of the banking law is amended by adding  a  new
subdivision 4 to read as follows:
  4.  IN ADDITION TO MAILING, NOTICES REQUIRED UNDER THIS SECTION MAY BE
DELIVERED BY OTHER MEANS, INCLUDING ELECTRONIC MEANS, PROVIDED THAT  ANY
SUCH  DELIVERY  EVIDENCES  RECEIPT OF THE NOTICE BY THE ADDRESSEE.  SUCH
RECEIPT MAY BE CREATED AND MAINTAINED IN ELECTRONIC FORM.
  S 2. This  act shall take effect on the ninetieth day after  it  shall
have become a law.







 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15180-01-4

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