Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2016 |
referred to insurance |
Mar 16, 2015 |
reported and committed to finance |
Feb 26, 2015 |
referred to insurance |
Senate Bill S4074
2015-2016 Legislative Session
Sponsored By
(R, C, IP, RFM) Senate District
Archive: Last Bill Status - In Senate Committee Insurance Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
co-Sponsors
(D) Senate District
(R, C) Senate District
2015-S4074 (ACTIVE) - Details
- Current Committee:
- Senate Insurance
- Law Section:
- Financial Services Law
- Laws Affected:
- Amd §408, Fin Serv L
2015-S4074 (ACTIVE) - Sponsor Memo
BILL NUMBER:S4074 REVISED 3/13/15 TITLE OF BILL: An act to authorize the commissioner of motor vehicles to study registration compliance and to amend the financial services law, in relation to the establishment of penalties for automobile insur- ance rate evasion PURPOSE: The bill would direct the New York Department of Motor Vehicles to study the problem of New York state residents failing to properly register their vehicles in New York and provide recommendations for solutions to this problem. SUMMARY OF PROVISIONS: Section 1. Direct the Department of Motor Vehicles to study the problem of New York residents improperly registering their vehicles out of the state. Section 2. Direct the Department of Motor Vehicles to issue a report of findings and provide recommendations to encourage compliance with the law. Section 3. Financial Services Law section 408 (a) (1) (A) is amended to stipulate that the Superintendent of the Department of Financial Services may impose a fine of no more than $5,000 for any intentional fraud or intentional misrepresentation of a material fact on an insur-
2015-S4074 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4074 2015-2016 Regular Sessions I N S E N A T E February 26, 2015 ___________ Introduced by Sen. SEWARD -- read twice and ordered printed, and when printed to be committed to the Committee on Insurance AN ACT to authorize the commissioner of motor vehicles to study regis- tration compliance and to amend the financial services law, in relation to the establishment of penalties for automobile insurance rate evasion THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The commissioner of the department of motor vehicles shall undertake a study to determine whether motor vehicles are registered within the time frames required pursuant to subdivision eighteen of section four hundred one of the vehicle and traffic law, along with estimates of the loss of income to the state and local governments for residents who fail to register their motor vehicles in New York state as required by law. Additionally, the commissioner shall include as a subject of this study a determination of whether New York residents are failing to obtain a New York state driver's license within the mandated thirty day period and the estimated loss of income to the state for residents who fail to obtain their New York driver's license within the thirty day period. S 2. The commissioner of the department of motor vehicles shall make a report of findings to the governor, the temporary president of the senate, the speaker of the assembly, the minority leader of the senate and the minority leader of the assembly within one year of the effective date of this act. Such report shall include recommendations as to actions that the state and local government officials can perform to encourage compliance with licensure and registration laws. S 3. Subparagraph (A) of paragraph 1 of subsection (a) of section 408 of the financial services law is amended to read as follows: (A) any intentional fraud or intentional misrepresentation of a mate- rial fact with respect to a financial product or service or involving any person offering to provide or providing financial products or services OR WITH RESPECT TO ANY APPLICATION FOR AN INSURANCE POLICY; or S 4. This act shall take effect immediately.
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