senate Bill S4954A

2021-2022 Legislative Session

Relates to fraud in connection with an abnormal disruption of the market

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 (4)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 18, 2022 print number 4954a
Jan 18, 2022 amend (t) and recommit to consumer protection
Jan 05, 2022 referred to consumer protection
Feb 19, 2021 referred to consumer protection

Co-Sponsors

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S4954 - Details

Current Committee:
Senate Consumer Protection
Law Section:
General Business Law
Laws Affected:
Amd §349, Gen Bus L; amd §408, Fin Serv L

S4954 - Summary

Increases penalties for fraud which occurs in connection with an abnormal disruption of the market.

S4954 - Sponsor Memo

S4954 - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4954
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 19, 2021
                                ___________
 
 Introduced  by  Sen.  MYRIE  -- 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  fraud  in
   connection with an abnormal disruption of the market
 
   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 article
 23-C to read as follows:
                                ARTICLE 23-C
       FRAUD IN CONNECTION WITH AN ABNORMAL DISRUPTION OF THE MARKET
 SECTION 359-N. DEFINITIONS.
         359-O. FRAUD IN CONNECTION WITH AN ABNORMAL  DISRUPTION  OF  THE
                  MARKET.
   §  359-N.  DEFINITIONS.  AS  USED IN THIS ARTICLE, THE FOLLOWING TERMS
 SHALL HAVE THE FOLLOWING MEANINGS:
   1. "ABNORMAL DISRUPTION OF THE MARKET" SHALL MEAN ANY  CHANGE  IN  THE
 MARKET,  WHETHER  ACTUAL OR IMMINENTLY THREATENED, RESULTING FROM STRESS
 OF WEATHER, CONVULSION OF NATURE, FAILURE OR SHORTAGE OF ELECTRIC  POWER
 OR OTHER SOURCE OF ENERGY, STRIKE, CIVIL DISORDER, WAR, MILITARY ACTION,
 NATIONAL OR LOCAL EMERGENCY, OR OTHER CAUSE OF AN ABNORMAL DISRUPTION OF
 THE  MARKET  WHICH RESULTS IN THE DECLARATION OF A STATE OF EMERGENCY BY
 THE GOVERNOR.
   2.  "SUPERINTENDENT"  SHALL  MEAN  THE  SUPERINTENDENT  OF   FINANCIAL
 SERVICES.
   §  359-O.  FRAUD  IN  CONNECTION  WITH  AN  ABNORMAL DISRUPTION OF THE
 MARKET.  1. IN ADDITION TO ANY LIABILITY FOR DAMAGES OR A CIVIL  PENALTY
 IMPOSED  PURSUANT  TO ARTICLE TWENTY-ONE-A, SECTIONS THREE HUNDRED THIR-
 TY-NINE-C,  THREE  HUNDRED  FORTY-NINE,  THREE  HUNDRED  FIFTY-C,  THREE
 HUNDRED  FIFTY-D,  THREE  HUNDRED FIFTY-TWO, THREE HUNDRED NINETY-C, AND
 THREE HUNDRED NINETY-SIX-R OF THIS CHAPTER, REGARDING PURCHASES OR SALES
 OF SECURITIES OR COMMODITIES, DECEPTIVE  PRACTICES,  FALSE  ADVERTISING,
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

Co-Sponsors

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S4954A (ACTIVE) - Details

Current Committee:
Senate Consumer Protection
Law Section:
General Business Law
Laws Affected:
Amd §349, Gen Bus L; amd §408, Fin Serv L

S4954A (ACTIVE) - Summary

Increases penalties for fraud which occurs in connection with an abnormal disruption of the market.

S4954A (ACTIVE) - Sponsor Memo

S4954A (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  4954--A
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 19, 2021
                                ___________
 
 Introduced  by  Sens.  MYRIE, BROUK, KRUEGER, REICHLIN-MELNICK, SALAZAR,
   SKOUFIS, THOMAS -- read twice and ordered printed, and when printed to
   be committed to the Committee on Consumer Protection -- recommitted to
   the Committee on Consumer Protection in accordance with Senate Rule 6,
   sec. 8 -- committee discharged, bill  amended,  ordered  reprinted  as
   amended and recommitted to said committee
 
 AN ACT to amend the general business law and the financial services law,
   in  relation to fraud in connection with an abnormal disruption of the
   market
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subdivisions  (b)  and  (c) of section 349 of the general
 business law, as added by chapter 43 of the laws of 1970, are amended to
 read as follows:
   (b) Whenever the attorney general shall believe from  evidence  satis-
 factory  to him OR HER that any person, firm, corporation or association
 or agent or employee thereof has engaged in or is about to engage in any
 of the acts or practices stated to be unlawful he OR SHE  may  bring  an
 action  in the name and on behalf of the people of the state of New York
 to enjoin such unlawful acts or practices and to obtain  restitution  of
 any  moneys  or  property  obtained  directly  or indirectly by any such
 unlawful acts or practices. In such action  preliminary  relief  may  be
 granted  under  article sixty-three of the civil practice law and rules.
 PROVIDED FURTHER THAT, WHENEVER THE ATTORNEY GENERAL SHALL BELIEVE  FROM
 EVIDENCE  SATISFACTORY TO HIM OR HER THAT A FIRM, CORPORATION OR ASSOCI-
 ATION OR AGENT OR EMPLOYEE THEREOF HAS ENGAGED IN ANY  OF  THE  ACTS  OR
 PRACTICES  STATED  TO BE UNLAWFUL IN CONNECTION WITH AND WITH THE INTENT
 TO UNLAWFULLY GAIN FROM AN ABNORMAL DISRUPTION OF THE MARKET AS  DEFINED
 IN  SECTION  THREE  HUNDRED  NINETY-SIX-R OF THIS CHAPTER, HE OR SHE MAY
 BRING AN ACTION ON BEHALF OF THE PEOPLE OF THE  STATE  OF  NEW  YORK  TO

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09574-02-2
 S. 4954--A                          2

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