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Senate Bill S7819

2017-2018 Legislative Session

Relates to instituting a twelve month limitation on compliance audits and examinations by the department of financial services

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Archive: Last Bill Status - In Senate Committee Rules Committee

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2017-S7819 (ACTIVE) - Details

Current Committee:
Senate Rules
Law Section:
Financial Services Law
Laws Affected:
Add §307, Fin Serv L

2017-S7819 (ACTIVE) - Summary

Relates to instituting a twelve month limitation on compliance audits and examinations by the department of financial services; requires a preliminary and final report during any compliance audit or examination.

2017-S7819 (ACTIVE) - Sponsor Memo

2017-S7819 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7819
 
                             I N  S E N A T E
 
                             February 28, 2018
                                ___________
 
 Introduced  by Sen. HAMILTON -- 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 instituting a
   twelve month limitation on compliance audits and examinations  by  the
   department of financial services
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The financial services law  is  amended  by  adding  a  new
 section 307 to read as follows:
   §  307.  LIMITATIONS  ON  AUDITS  AND EXAMINATIONS. (A) ANY COMPLIANCE
 AUDIT OR EXAMINATION  BY  THE  DEPARTMENT  OF  A  FINANCIAL  PRODUCT  OR
 SERVICE, OR ANY REGULATED PERSON SHALL BE COMPLETED NO LATER THAN TWELVE
 MONTHS AFTER COMMENCEMENT OF SUCH COMPLIANCE AUDIT OR EXAMINATION.
   (B)  THE DEPARTMENT SHALL PROVIDE TO THE SUBJECT OF A COMPLIANCE AUDIT
 OR EXAMINATION:
   (1) A PRELIMINARY ANALYSIS OF  THE  FINDINGS  OF  THE  DEPARTMENT  SIX
 MONTHS AFTER COMMENCEMENT OF SUCH COMPLIANCE AUDIT OR EXAMINATION; AND
   (2)  A  FINAL  REPORT  OF THE FINDINGS OF THE DEPARTMENT TWELVE MONTHS
 AFTER COMMENCEMENT OF SUCH COMPLIANCE AUDIT OR EXAMINATION.
   (C) ANY COMPLIANCE AUDIT OR EXAMINATION NOT COMPLETED BY  THE  DEPART-
 MENT  WITHIN  TWELVE MONTHS OF COMMENCEMENT SHALL BE RESOLVED BY FINDING
 THE FINANCIAL PRODUCT OR SERVICE, OR REGULATED PERSON IN COMPLIANCE.  NO
 INFORMATION DISCOVERED BY THE DEPARTMENT DURING SUCH COMPLIANCE AUDIT OR
 EXAMINATION SHALL BE USED BY THE DEPARTMENT IN ANY SUBSEQUENT COMPLIANCE
 AUDIT OR EXAMINATION.
   §  2.  This  act shall take effect on the thirtieth day after it shall
 have become a law.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14215-01-8

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