Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Aug 26, 2019 |
signed chap.184 |
Aug 19, 2019 |
delivered to governor |
Jun 20, 2019 |
returned to senate passed assembly ordered to third reading rules cal.614 substituted for a8318 |
Jun 19, 2019 |
referred to codes delivered to assembly passed senate ordered to third reading cal.1737 |
Jun 15, 2019 |
referred to rules |
Senate Bill S6536
Signed By Governor2019-2020 Legislative Session
Sponsored By
(D, WF) 12th Senate District
Archive: Last Bill Status - Signed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
2019-S6536 (ACTIVE) - Details
2019-S6536 (ACTIVE) - Sponsor Memo
BILL NUMBER: S6536 SPONSOR: GIANARIS TITLE OF BILL: An act to amend the civil practice law and rules, in relation to the statute of limitations for certain crimes related to fraudulent practices in respect to stocks, bonds and other securities JUSTIFICATION: For decades, courts in New York followed the precedent that claims brought under the Martin Act and under Section 63(12) of the State's Executive Law had six-year statutes of limitation. The Martin Act is one of the state's most powerful tools to prosecute financial fraud, and Section 63(12) is the cornerstone of the state's consumer protection laws. This six-year timeline was essential to some of the most meaning- ful cases that have reined in Wall Street excesses, halted fraudulent practices, and returned millions of dollars to defrauded consumers and investors. A recent Court of Appeals decision overturned this precedent, finding that the statute of limitations should be reduced to three years instead of six for Martin Act violations and fraud under the Executive Law other than common law fraud. This turned on its head literally decades of case law. The Court of Appeals ruling jeopardizes the state's
2019-S6536 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6536 2019-2020 Regular Sessions I N S E N A T E June 15, 2019 ___________ Introduced by Sen. GIANARIS -- (at request of the Attorney General) -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the civil practice law and rules, in relation to the statute of limitations for certain crimes related to fraudulent prac- tices in respect to stocks, bonds and other securities THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 213 of the civil practice law and rules is amended by adding a new subdivision 9 to read as follows: 9. AN ACTION BY THE ATTORNEY GENERAL PURSUANT TO ARTICLE TWENTY-THREE-A OF THE GENERAL BUSINESS LAW OR SUBDIVISION TWELVE OF SECTION SIXTY-THREE OF THE EXECUTIVE LAW. § 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11030-01-9
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