|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Feb 20, 2019||referred to consumer protection|
senate Bill S3851
Current Bill Status - In Senate Committee Consumer Protection Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S3851 (ACTIVE) - Details
S3851 (ACTIVE) - Sponsor Memo
BILL NUMBER: S3851 SPONSOR: SANDERS TITLE OF BILL: 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 PURPOSE OR GENERAL IDEA OF BILL: To prohibit "confessions of judgment" in any contract or agreement for a financial product or service. SUMMARY OF PROVISIONS: Section 1 - Prohibits "confession of judgment" for any contract or agreement for 'a financial product or service. Subdivision (2) - Defines "financial product or service" and "financial product or service regu- lated for the purpose of consumer or investor protection" Section (2) - provides for an effective date of ninety days after the bill becomes law.
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.
Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.
By contributing or voting you agree to the Terms of Participation and verify you are over 13.