|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Oct 26, 2018||referred to rules|
senate Bill S9188
Archive: Last Bill Status - In Senate Committee Rules Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S9188 (ACTIVE) - Details
- Current Committee:
- Senate Rules
- Law Section:
- Financial Services Law
- Laws Affected:
- Add Art 7 §§701 - 707, Fin Serv L
S9188 (ACTIVE) - Summary
Enacts the "regulatory sandbox act" to allow persons to obtain limited access to the marketplace in order to test innovations in financial products or services; provides requirements for application and approval; provides requirements for operating an innovation in the regulatory sandbox.
S9188 (ACTIVE) - Sponsor Memo
BILL NUMBER: S9188 SPONSOR: GOLDEN TITLE OF BILL: An act to amend the financial services law, in relation to enacting the regulatory sandbox act PURPOSE:: Creates a regulatory sandbox to enable modernizers to obtain limited access to New York markets to introduce innovations in financial products and services. Entrepreneurs accepted into the sandbox will face lesser regulatory hurdles, allow safe experimentation of fintech products, and allow the launch of new business models. SUMMARY OF PROVISIONS:: Section 1 provides for the title of the act to be known and cited as the "regulatory sandbox act".
S9188 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 9188 I N S E N A T E October 26, 2018 ___________ Introduced by Sen. GOLDEN -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the financial services law, in relation to enacting the regulatory sandbox act THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Short title. This act shall be known and may be cited as the "regulatory sandbox act". § 2. The financial services law is amended by adding a new article 7 to read as follows: ARTICLE 7 REGULATORY SANDBOX ACT SECTION 701. DEFINITIONS. 702. PURPOSE. 703. APPLICATIONS; REVIEW. 704. OPERATION. 705. EXTENSION. 706. RULES. 707. JUDICIAL REVIEW. § 701. DEFINITIONS. AS USED IN THIS ARTICLE: (A) "CONSUMER" MEANS A PERSON WHO PURCHASES OR OTHERWISE ENTERS INTO A TRANSACTION OR AGREEMENT TO RECEIVE AN INNOVATIVE FINANCIAL PRODUCT OR SERVICE TESTED BY A PERSON PARTICIPATING IN THE REGULATORY SANDBOX. (B) "FINANCIAL PRODUCT OR SERVICE" MEANS A PRODUCT OR SERVICE REGU- LATED BY THE DEPARTMENT OR A PRODUCT OR SERVICE THAT INCLUDES ELEMENTS THAT MAY OTHERWISE REQUIRE A LICENSE, CERTIFICATION, OR RECOGNITION AS A FINANCIAL INSTITUTION OR ENTERPRISE REGULATED BY THE DEPARTMENT. (C) "INNOVATION" MEANS, WITH RESPECT TO A PRODUCT OR SERVICE, THAT WHICH USES OR INCORPORATES NEW OR EMERGING TECHNOLOGY, OR NEW USES FOR EXISTING TECHNOLOGY, TO ADDRESS A PROBLEM, PROVIDE A BENEFIT, OR OTHER- WISE OFFER A PRODUCT, SERVICE, BUSINESS MODEL, OR DELIVERY MECHANISM THAT HAS NO COMPARABLE WIDESPREAD OFFERING IN THE MARKETPLACE REGULATED BY THE DEPARTMENT. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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