Assembly Actions -
Senate Actions - UPPERCASE
|Jan 05, 2022||
referred to banks
|Nov 03, 2021||
referred to rules
Senate Bill S7500
2021-2022 Legislative Session
Archive: Last Bill Status - In Senate Committee Banks Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2021-S7500 (ACTIVE) - Details
2021-S7500 (ACTIVE) - Summary
Requires the superintendent of the department of financial services to assess persons regulated under the financial services law that engage in virtual currency business activity for the operating expenses of the department that are solely attributable to regulating such persons.
2021-S7500 (ACTIVE) - Sponsor Memo
BILL NUMBER: S7500 Revised 11/4/2021 SPONSOR: SANDERS TITLE OF BILL: An act to amend the financial services law, in relation to requiring assessments to defray operating expenses on persons regulated by the department of financial services that engage in virtual currency busi- ness activity PURPOSE OR GENERAL IDEA OF BILL: Requires assessments to defray operating expenses on persons regulated by the department of financial services that engage in virtual currency business activity SUMMARY OF SPECIFIC PROVISIONS: Language is added to section 206 of the financial services law which requires that businesses engaged in virtual currency business, as it is defined by the superintendent of the Department of Financial Services, be charged assessments to defray the operating expenses incurred by the
2021-S7500 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7500 2021-2022 Regular Sessions I N S E N A T E November 3, 2021 ___________ Introduced by Sen. SANDERS -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the financial services law, in relation to requiring assessments to defray operating expenses on persons regulated by the department of financial services that engage in virtual currency busi- ness activity THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subsection (a) of section 206 of the financial services law is amended to read as follows: (a) For each fiscal year commencing on or after April first, two thou- sand twelve, assessments to defray operating expenses, including all direct and indirect costs, of the department, except expenses incurred in the liquidation of banking organizations, shall be assessed by the superintendent in accordance with this subsection. Persons regulated under the insurance law shall be assessed by the superintendent for the operating expenses of the department that are solely attributable to regulating persons under the insurance law, which shall include any expenses that were permissible to be assessed in fiscal year two thou- sand nine-two thousand ten, with the assessments allocated pro rata upon all domestic insurers and all licensed United States branches of alien insurers domiciled in this state within the meaning of paragraph four of subsection (b) of section seven thousand four hundred eight of the insurance law, in proportion to the gross direct premiums and other considerations, written or received by them in this state during the calendar year ending December thirty-first immediately preceding the end of the fiscal year for which the assessment is made (less return premi- ums and considerations thereon) for policies or contracts of insurance covering property or risks resident or located in this state the issu- ance of which policies or contracts requires a license from the super- intendent. Persons regulated under the banking law shall be assessed by EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11552-01-1
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