|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 08, 2014||referred to civil service and pensions|
|Jan 09, 2013||referred to civil service and pensions|
senate Bill S965
Archive: Last Bill Status - In Senate Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S965 - Details
S965 - Sponsor Memo
BILL NUMBER:S965 TITLE OF BILL: An act to amend the retirement and social security law and the general business law, in relation to the attorney general's investigation and commencement of actions relating to fraudulent practices alleged to have damaged a public retirement system PURPOSE: This bill would require the Attorney General to investigate and where appropriate to commence a civil action to recover damages suffered by New York public retirement systems as a result of securities fraud. SUMMARY OF PROVISIONS: Section 1 amends the retirement and social security law to require the Attorney General to investigate and where appropriate pursue allegations of securities fraud upon the request of the New York State and Local Employees Retirement System and the police and Fire Retirement System. Section 2 amends the general business law (Martin Act) by adding a new section 353-b (3) to accomplish 41 above for all public retirement systems. The bill provides for reimbursement to the Attorney General from the public retirement system of reasonable
S965 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 965 2013-2014 Regular Sessions I N S E N A T E (PREFILED) January 9, 2013 ___________ Introduced by Sen. LIBOUS -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions AN ACT to amend the retirement and social security law and the general business law, in relation to the attorney general's investigation and commencement of actions relating to fraudulent practices alleged to have damaged a public retirement system THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 14 of the retirement and social security law is amended to read as follows: S 14. Legal adviser. The attorney-general of the state shall be the legal adviser of the retirement system AND SHALL RECEIVE REQUESTS FOR INVESTIGATION AND LITIGATION PURSUANT TO SECTION THREE HUNDRED FIFTY-THREE OF THE GENERAL BUSINESS LAW. S 2. Subdivision 3 of section 353 of the general business law, as added by chapter 559 of the laws of 1976, is amended to read as follows: 3. (A) Upon a showing by the attorney general that a fraudulent prac- tice as defined by this article has occurred, he may include in an action under this article an application to direct restitution of any moneys or property obtained directly or indirectly by any such fraudu- lent practice, PROVIDED HOWEVER, THAT UPON THE WRITTEN REQUEST OF THE TRUSTEE OF THE NEW YORK STATE AND LOCAL EMPLOYEES' RETIREMENT SYSTEM, THE NEW YORK STATE AND LOCAL POLICE AND FIRE RETIREMENT SYSTEM OR THE TRUSTEE OF ANY OTHER PUBLIC RETIREMENT SYSTEM AS DEFINED IN SUBDIVISION A OF SECTION EIGHT HUNDRED OF THE RETIREMENT AND SOCIAL SECURITY LAW, ALLEGING THAT SUCH PUBLIC RETIREMENT SYSTEM HAS BEEN DAMAGED BY SUCH FRAUDULENT PRACTICES, THE ATTORNEY GENERAL SHALL, WITHIN A REASONABLE TIME PERIOD, INVESTIGATE THE FACTS ALLEGED IN THE REQUEST AND, WHERE APPROPRIATE, COMMENCE AN ACTION UNDER THIS ARTICLE FOR RESTITUTION TO SUCH PUBLIC RETIREMENT SYSTEM OF ANY MONEYS OR PROPERTY OBTAINED DIRECT- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.
By contributing or voting you agree to the Terms of Participation and verify you are over 13.