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Assembly Bill A3636

2019-2020 Legislative Session

Relates to prohibiting the inclusion of a confession of judgment in a contract or agreement for a financial product or service

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Archive: Last Bill Status - In Assembly Committee

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2019-A3636 (ACTIVE) - Details

See Senate Version of this Bill:
S3851
Current Committee:
Assembly Codes
Law Section:
General Business Law
Laws Affected:
Add §396-aaa, Gen Bus L
Versions Introduced in Other Legislative Sessions:
2021-2022: A2443, S2632
2023-2024: A7196, S5256
2025-2026: A4327, S3695

2019-A3636 (ACTIVE) - Summary

Prohibits the inclusion of a confession of judgment in a contract or agreement for a financial product or service.

2019-A3636 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3636
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 30, 2019
                                ___________
 
 Introduced by M. of A. NIOU, PEOPLES-STOKES -- read once and referred to
   the Committee on Banks
 
 AN ACT to amend the general business law, in relation to prohibiting the
   inclusion of a confession of judgment in a contract or agreement for a
   financial product or service

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The general business law is amended by adding a new section
 396-aaa to read as follows:
   § 396-AAA. CONFESSION OF JUDGMENT REQUIREMENT FOR  CERTAIN  CONTRACTS;
 PROHIBITION.  1. NO PERSON SHALL REQUIRE A CONFESSION OF JUDGMENT IN ANY
 CONTRACT OR AGREEMENT FOR A FINANCIAL PRODUCT OR SERVICE.
   2. AS USED IN THIS SECTION THE FOLLOWING TERMS SHALL HAVE THE  FOLLOW-
 ING MEANINGS:
   (A) "FINANCIAL PRODUCT OR SERVICE" SHALL MEAN ANY FINANCIAL PRODUCT OR
 FINANCIAL  SERVICE  OFFERED  OR  PROVIDED  BY  ANY  PERSON  REGULATED OR
 REQUIRED TO BE REGULATED BY THE  SUPERINTENDENT  OF  FINANCIAL  SERVICES
 PURSUANT  TO THE BANKING LAW OR THE INSURANCE LAW OR ANY FINANCIAL PROD-
 UCT OR SERVICE OFFERED OR SOLD TO CONSUMERS EXCEPT FINANCIAL PRODUCTS OR
 SERVICES: (I) REGULATED UNDER THE EXCLUSIVE JURISDICTION  OF  A  FEDERAL
 AGENCY  OR  AUTHORITY,  (II)  REGULATED  FOR  THE PURPOSE OF CONSUMER OR
 INVESTOR PROTECTION BY ANY OTHER STATE AGENCY, STATE DEPARTMENT OR STATE
 PUBLIC AUTHORITY, OR (III) WHERE RULES OR REGULATIONS PROMULGATED BY THE
 SUPERINTENDENT OF  FINANCIAL  SERVICES  ON  SUCH  FINANCIAL  PRODUCT  OR
 SERVICE WOULD BE PREEMPTED BY FEDERAL LAW.
   (B) "FINANCIAL PRODUCT OR SERVICE REGULATED FOR THE PURPOSE OF CONSUM-
 ER OR INVESTOR PROTECTION": (I) SHALL INCLUDE (A) ANY PRODUCT OR SERVICE
 FOR WHICH REGISTRATION OR LICENSING IS REQUIRED OR FOR WHICH THE OFFEROR
 OR  PROVIDER  IS REQUIRED TO BE REGISTERED OR LICENSED BY STATE LAW, (B)
 ANY PRODUCT OR SERVICE AS TO WHICH PROVISIONS FOR CONSUMER  OR  INVESTOR
 PROTECTION  ARE  SPECIFICALLY  SET  FORTH FOR SUCH PRODUCT OR SERVICE BY
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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