senate Bill S3851

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

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Consumer Protection 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
Feb 20, 2019 referred to consumer protection

Co-Sponsors

S3851 (ACTIVE) - Details

See Assembly Version of this Bill:
A3636
Current Committee:
Senate Consumer Protection
Law Section:
General Business Law
Laws Affected:
Add §396-aaa, Gen Bus L

S3851 (ACTIVE) - Summary

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

S3851 (ACTIVE) - Sponsor Memo

S3851 (ACTIVE) - Bill Text download pdf


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

                                  3851

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                            February 20, 2019
                               ___________

Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
  printed to be committed to the Committee on Consumer Protection

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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