senate Bill S9188

2017-2018 Legislative Session

Enacts the "regulatory sandbox act" to test innovations in financial products or 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

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Actions

view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Oct 26, 2018 referred to rules

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

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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