Assembly Bill A3336

2021-2022 Legislative Session

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

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee


  • 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

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2021-A3336 (ACTIVE) - Details

Current Committee:
Assembly Banks
Law Section:
Financial Services Law
Laws Affected:
Add Art 8 §§801 - 812, Fin Serv L; add §9-y, Bank L
Versions Introduced in Other Legislative Sessions:
2017-2018: A9899
2019-2020: A2213

2021-A3336 (ACTIVE) - Summary

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

2021-A3336 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3336
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 22, 2021
                                ___________
 
 Introduced  by  M.  of  A.  KIM, QUART, RA, DICKENS, PICHARDO, 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 8 to read as follows:
                                 ARTICLE 8
                        REGULATORY SANDBOX PROGRAM
 SECTION 801. DEFINITIONS.
         802. REPORTS; STUDIES.
         803. PROGRAM PURPOSE.
         804. APPLICATION PROCESS AND REQUIREMENTS.
         805. CONSULTATION WITH APPLICABLE AGENCIES; ADMISSION AUTHORITY;
                SCOPE; INSURANCE PRODUCTS; INVESTMENT MANAGEMENT.
         806. CONSUMER PROTECTION.
         807. EXIT REQUIREMENTS.
         808. EXTENSIONS.
         809. AUDITING BY THIRD PARTY DEPOSITORY OR CUSTODIAN SERVICES.
         810. RECORDKEEPING AND REPORTING REQUIREMENTS.
         811. RECORDS; DISCLOSURE; EVIDENTIARY EFFECT.
         812. REPORTING  REQUIREMENTS;  MONITORING;  ENFORCEMENT;  AGREE-
                MENTS.
   §  801. 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.
                                                            LBD06022-01-1
              

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