senate Bill S4954A

2021-2022 Legislative Session

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

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Current Bill Status - Passed Senate


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (13)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 25, 2022 referred to codes
delivered to assembly
passed senate
Mar 30, 2022 amended on third reading (t) 4954c
Mar 07, 2022 advanced to third reading
Mar 03, 2022 2nd report cal.
Mar 02, 2022 1st report cal.627
Feb 23, 2022 print number 4954b
Feb 23, 2022 amend and recommit to consumer protection
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

Votes

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Mar 2, 2022 - Consumer Protection committee Vote

S4954B
5
0
committee
5
Aye
0
Nay
2
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Committee Vote: Mar 2, 2022

aye wr (2)

Co-Sponsors

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S4954 - Details

See Assembly Version of this Bill:
A9193
Current Committee:
Assembly Codes
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

view additional co-sponsors

S4954A - Details

See Assembly Version of this Bill:
A9193
Current Committee:
Assembly Codes
Law Section:
General Business Law
Laws Affected:
Amd §349, Gen Bus L; amd §408, Fin Serv L

S4954A - Summary

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

S4954A - Sponsor Memo

S4954A - 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

Co-Sponsors

view additional co-sponsors

S4954B - Details

See Assembly Version of this Bill:
A9193
Current Committee:
Assembly Codes
Law Section:
General Business Law
Laws Affected:
Amd §349, Gen Bus L; amd §408, Fin Serv L

S4954B - Summary

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

S4954B - Sponsor Memo

S4954B - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  4954--B
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 19, 2021
                                ___________
 
 Introduced  by  Sens.  MYRIE,  BROUK,  KRUEGER, RAMOS, 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 -- 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. Section 350-d of the general business law,  as  amended  by
 chapter 208 of the laws of 2007, is amended to read as follows:
   §  350-d.  Civil penalty. (A) Any person, firm, corporation or associ-
 ation or agent or employee thereof who engages in any  of  the  acts  or
 practices  stated  in  this  article to be unlawful shall be liable to a
 civil penalty of not more than five thousand dollars for each violation,
 which shall accrue to the state of New York and may be  recovered  in  a
 civil  action  brought  by  the  attorney general. In any such action it
 shall be a complete defense that the advertisement  is  subject  to  and
 complies  with  the  rules and regulations of, and the statutes adminis-
 tered by the Federal Trade Commission or any official department,  divi-
 sion, commission or agency of the state of New York.
   (B)  PROVIDED,  HOWEVER,  THAT ANY FIRM, CORPORATION OR ASSOCIATION OR
 AGENT OR EMPLOYEE THEREOF WHO ENGAGES IN ANY OF THE  ACTS  OR  PRACTICES
 STATED  IN SECTION THREE HUNDRED FORTY-NINE OF THIS ARTICLE TO BE UNLAW-
 FUL IN CONNECTION WITH AN ABNORMAL DISRUPTION OF THE MARKET  AS  DEFINED
 IN SECTION THREE HUNDRED NINETY-SIX-R OF THIS CHAPTER SHALL BE LIABLE TO
 A  CIVIL  PENALTY  OF  NOT  MORE  THAN FIFTEEN THOUSAND DOLLARS FOR EACH
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09574-04-2

Co-Sponsors

view additional co-sponsors

S4954C (ACTIVE) - Details

See Assembly Version of this Bill:
A9193
Current Committee:
Assembly Codes
Law Section:
General Business Law
Laws Affected:
Amd §349, Gen Bus L; amd §408, Fin Serv L

S4954C (ACTIVE) - Summary

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

S4954C (ACTIVE) - Sponsor Memo

S4954C (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  4954--C
     Cal. No. 627
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 19, 2021
                                ___________
 
 Introduced by Sens. MYRIE, BROUK, JACKSON, KRUEGER, RAMOS, REICHLIN-MEL-
   NICK,  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 --
   committee discharged, bill amended, ordered reprinted as  amended  and
   recommitted  to said committee -- reported favorably from said commit-
   tee, ordered to first and second report, ordered to a  third  reading,
   amended  and  ordered  reprinted,  retaining its place in the order of
   third reading
 
 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. Section 350-d of the general business law,  as  amended  by
 chapter 208 of the laws of 2007, is amended to read as follows:
   §  350-d.  Civil penalty. (A) Any person, firm, corporation or associ-
 ation or agent or employee thereof who engages in any  of  the  acts  or
 practices  stated  in  this  article to be unlawful shall be liable to a
 civil penalty of not more than five thousand dollars for each violation,
 which shall accrue to the state of New York and may be  recovered  in  a
 civil  action  brought  by  the  attorney general. In any such action it
 shall be a complete defense that the advertisement  is  subject  to  and
 complies  with  the  rules and regulations of, and the statutes adminis-
 tered by the Federal Trade Commission or any official department,  divi-
 sion, commission or agency of the state of New York.
   (B)  NOTWITHSTANDING SUBDIVISION (A) OF THIS SECTION, ANY FIRM, CORPO-
 RATION OR ASSOCIATION OR AGENT OR EMPLOYEE THEREOF WHO ENGAGES IN ANY OF
 THE ACTS OR PRACTICES STATED IN SECTION THREE HUNDRED FORTY-NINE OF THIS
 ARTICLE TO  BE  UNLAWFUL  IN  CONNECTION  WITH  OR  DURING  AN  ABNORMAL
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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