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

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Rules Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

Your Voice

do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

view actions (5)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 20, 2018 committed to rules
Mar 19, 2018 advanced to third reading
Mar 15, 2018 2nd report cal.
Mar 14, 2018 1st report cal.651
Feb 28, 2018 referred to banks

Votes

view votes

Mar 14, 2018 - Banks committee Vote

S7819
14
0
committee
14
Aye
0
Nay
5
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Banks committee vote details

S7819 (ACTIVE) - Details

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

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.

S7819 (ACTIVE) - Sponsor Memo

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

Comments

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.