assembly Bill A2213

2019-2020 Legislative Session

Relates to financial technology products and services; establishes a regulatory sandbox program

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Sponsored By

Current Bill Status - In Assembly Committee


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 22, 2019 referred to banks

Co-Sponsors

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Multi-Sponsors

A2213 (ACTIVE) - Details

Current Committee:
Assembly Banks
Law Section:
Financial Services Law
Laws Affected:
Add Art 7 §§701 - 712, Fin Serv L; add §9-x, Bank L
Versions Introduced in 2017-2018 Legislative Session:
A9899

A2213 (ACTIVE) - Summary

Relates to financial technology products and services; establishes a regulatory sandbox program.

A2213 (ACTIVE) - Bill Text download pdf


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  2213

                       2019-2020 Regular Sessions

                          I N  A S S E M B L Y

                            January 22, 2019
                               ___________

Introduced  by  M.  of  A.  KIM,  QUART,  D'URSO, RA, DICKENS, PICHARDO,
  ARROYO, BLAKE, LAVINE -- Multi-Sponsored  by  --  M.  of  A.  LUPARDO,
  THIELE -- read once and referred to the Committee on Banks

AN  ACT  to  amend the financial services law, in relation to creating a
  regulatory sandbox program; to amend the banking law, in  relation  to
  safeguarding  financial technology products and services and prohibit-
  ing licensing fees for such products and services; and  providing  for
  the repeal of such provisions upon expiration thereof

  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 arti-
cle 7 to read as follows:
                                ARTICLE 7
                       REGULATORY SANDBOX PROGRAM
SECTION 701. DEFINITIONS.
        702. REPORTS; STUDIES.
        703. PROGRAM PURPOSE.
        704. APPLICATION PROCESS AND REQUIREMENTS.
        705. CONSULTATION WITH APPLICABLE AGENCIES; ADMISSION AUTHORITY;
               SCOPE; INSURANCE PRODUCTS; INVESTMENT MANAGEMENT.
        706. CONSUMER PROTECTION.
        707. EXIT REQUIREMENTS.
        708. EXTENSIONS.
        709. AUDITING BY THIRD PARTY DEPOSITORY OR CUSTODIAN SERVICES.
        710. RECORDKEEPING AND REPORTING REQUIREMENTS.
        711. RECORDS; DISCLOSURE; EVIDENTIARY EFFECT.
        712. REPORTING  REQUIREMENTS;  MONITORING;  ENFORCEMENT;  AGREE-
               MENTS.
  §  701. DEFINITIONS. FOR PURPOSES OF THIS ARTICLE, THE FOLLOWING TERMS
SHALL HAVE THE FOLLOWING MEANINGS:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03966-01-9

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