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Senate Bill S2632

2021-2022 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 Senate Committee Rules Committee

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2021-S2632 (ACTIVE) - Details

See Assembly Version of this Bill:
A2443
Current Committee:
Senate Rules
Law Section:
General Business Law
Laws Affected:
Add §394-bb, Gen Bus L
Versions Introduced in Other Legislative Sessions:
2019-2020: S3851, A3636
2023-2024: S5256, A7196
2025-2026: S3695, A4327

2021-S2632 (ACTIVE) - Summary

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

2021-S2632 (ACTIVE) - Sponsor Memo

2021-S2632 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2632
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 22, 2021
                                ___________
 
 Introduced  by  Sens.  SANDERS,  KAPLAN, MAYER, PARKER -- 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
 394-bb to read as follows:
   § 394-BB. 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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