Senate Bill S7420

2023-2024 Legislative Session

Allows the department of financial services to have additional oversight of banks and insurance companies that are not currently licensed

download bill text pdf

Sponsored By

Current Bill Status - On Floor Calendar


  • 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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions
Votes

2023-S7420 (ACTIVE) - Details

Law Section:
Financial Services Law
Laws Affected:
Amd §§305, 404 & 409, add §408-a, Fin Serv L

2023-S7420 (ACTIVE) - Summary

Allows the department of financial services to have additional oversight of banks and insurance companies that are not currently licensed in this state; provides penalties for violations.

2023-S7420 (ACTIVE) - Sponsor Memo

2023-S7420 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7420
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                               May 24, 2023
                                ___________
 
 Introduced  by  Sen. KRUEGER -- read twice and ordered printed, and when
   printed to be committed to the Committee on Banks
 
 AN ACT to amend the financial services law, in relation to allowing  the
   department of financial services to have additional oversight of banks
   and insurance companies that are not currently licensed

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  The  legislature  finds  that  it  is  essential  to  the
 protection  of  users  of financial products and services from imprudent
 conduct and harmful business practices in the financial services market-
 place that all persons offering financial products and services  in  New
 York State be sufficiently deterred from disregarding the laws and regu-
 lations  governing  the  offering  of  financial  products  or services,
 regardless of whether they are properly licensed. Furthermore, to ensure
 that the business of, and the persons providing, financial products  and
 services  are  appropriately  supervised,  the  law should not advantage
 persons who disregard licensing requirements. Currently, as  to  engage-
 ment  in  many activities for which a license from the superintendent of
 financial services is required, an unlicensed  person  not  exempt  from
 licensing is not subject to civil penalty for acts that would constitute
 violations subject to penalty if the person were licensed; such an unli-
 censed  person may be subject to only a limited civil penalty for engag-
 ing in activity without a required license.  This  act  remediates  this
 fault  in  the  law by providing that any person engaged in activity for
 which such person must be licensed by the  superintendent  of  financial
 services will be subject to a civil penalty for conducting such activity
 in  a  manner  inconsistent  with  the  law, regardless of such person's
 licensure status.
   § 2. Subdivisions (a) and (b) of section 305 of the financial services
 law are amended to read as follows:

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11198-01-3
 S. 7420                             2
              

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.