Assembly Bill A11293

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   11293
 
                           I N  A S S E M B L Y
 
                                May 8, 2026
                                ___________
 
 Introduced  by  COMMITTEE  ON RULES -- (at request of M. of A. Vanel) --
   read once and referred to the Committee on Banks
 
 AN ACT to amend the financial services law, in relation to reporting  of
   covered loans
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. The financial services law is amended by adding a new arti-
 cle 8-A to read as follows:
                                 ARTICLE 8-A
                          COVERED LOAN REPORTING
 SECTION 820. DEFINITIONS.
         821. REPORTING REQUIRED.
         822. FORM AND FILING.
         823. ANNUAL REPORT.
         824. REGULATIONS.
         825. PENALTIES.
         826. SEVERABILITY.
         827. PREEMPTION.
   § 820. DEFINITIONS. FOR THE PURPOSES OF THIS  ARTICLE,  THE  FOLLOWING
 TERMS SHALL HAVE THE FOLLOWING MEANINGS:
   (A)  (1)  "COVERED  LOAN"  SHALL MEAN ANY EXTENSION OF MONEY OR CREDIT
 THAT EXCEEDS TWENTY-FIVE THOUSAND DOLLARS OR  SERIES  OF  EXTENSIONS  OF
 MONEY  OR  CREDIT  MADE  WITHIN  TWELVE MONTHS TO THE SAME BORROWER THAT
 EXCEEDS AN AGGREGATE OF TWENTY-FIVE THOUSAND DOLLARS MADE TO A  RESIDENT
 OF  THIS  STATE,  FOR PERSONAL USE OR FOR COMMERCIAL PURPOSES, INCLUDING
 COMMERCIAL FINANCING, IN EXCHANGE FOR THE BORROWER'S AGREEMENT TO  REPAY
 AN  AMOUNT  GREATER  THAN  THE  AMOUNT  FINANCED, EXTENDED, OR PURCHASED
 THROUGH INTEREST, FINANCE CHARGES, FEES, OR OTHER COMPENSATION  FOR  THE
 USE OF SUCH MONEY OR CREDIT.
   (2) "COVERED LOAN" SHALL NOT INCLUDE:
   (A)  OPEN-END CREDIT PLANS SUBJECT TO THE FEDERAL TRUTH IN LENDING ACT
 AND REGULATION Z THAT ARE ACCESSED BY THE USE OF A CREDIT CARD OR  SIMI-
 LAR DEVICE INTENDED FOR REPEATED TRANSACTIONS;

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD15821-01-6
              

 A. 11293                            2
 
   (B)  ANY  EXTENSION OF CREDIT SECURED BY A MORTGAGE, DEED OF TRUST, OR
 OTHER SECURITY INTEREST IN REAL PROPERTY, INCLUDING HOME EQUITY LINES OF
 CREDIT; OR
   (C)  ANY  OTHER  EXTENSION  OF  CREDIT  THAT  IS SUBJECT TO A CHARTER,
 LICENSE, OR REGULATORY REGIME UNDER THIS CHAPTER OR OTHER PROVISIONS  OF
 NEW  YORK  STATE LAW THAT PROVIDES FOR ONGOING SUPERVISION, EXAMINATION,
 AND ENFORCEMENT AUTHORITY BY THE SUPERINTENDENT, AS  DETERMINED  BY  THE
 SUPERINTENDENT PURSUANT TO RULES AND REGULATIONS.
   (B)  (1)  "COVERED LENDER" SHALL MEAN ANY PERSON, INCLUDING ANY AFFIL-
 IATE OR SUBSIDIARY OF SUCH PERSON, THAT:
   (A) OFFERS OR MAKES A COVERED LOAN;
   (B) PURCHASES OR ACQUIRES A WHOLE OR PARTIAL  INTEREST  IN  A  COVERED
 LOAN OR ANY RECEIVABLE ARISING FROM A COVERED LOAN;
   (C)  ARRANGES,  BROKERS,  OR  FACILITATES  A  COVERED LOAN FOR A THIRD
 PARTY; OR
   (D) ACTS AS AN AGENT FOR A THIRD  PARTY  IN  MAKING  A  COVERED  LOAN,
 REGARDLESS OF WHETHER APPROVAL, ACCEPTANCE, OR RATIFICATION BY THE THIRD
 PARTY IS NECESSARY TO CREATE A LEGAL OBLIGATION FOR THE THIRD PARTY.
   (2)  A  PERSON  IS  A  COVERED LENDER NOTWITHSTANDING THAT SUCH PERSON
 PURPORTS TO ACT AS AN AGENT, SERVICE PROVIDER, OR  IN  ANOTHER  CAPACITY
 FOR  ANOTHER PERSON THAT IS EXEMPT FROM THIS ARTICLE OR THE LAWS OF THIS
 STATE IF ANY OF THE FOLLOWING APPLY:
   (A) SUCH PERSON HOLDS, ACQUIRES, OR MAINTAINS, DIRECTLY OR INDIRECTLY,
 THE PREDOMINANT ECONOMIC INTEREST IN A COVERED LOAN;
   (B) SUCH PERSON MARKETS, BROKERS, ARRANGES, OR FACILITATES  A  COVERED
 LOAN  AND  HOLDS  THE  RIGHT,  REQUIREMENT, OR FIRST RIGHT OF REFUSAL TO
 PURCHASE OR ACQUIRE A COVERED LOAN OR ANY RECEIVABLE OR  INTEREST  IN  A
 COVERED LOAN; OR
   (C)  THE  TOTALITY OF THE CIRCUMSTANCES INDICATE THAT SUCH PERSON IS A
 COVERED LENDER, AND THE COVERED LOAN IS STRUCTURED TO EVADE THE REQUIRE-
 MENTS OF THIS ARTICLE. CIRCUMSTANCES THAT WEIGH IN FAVOR OF SUCH A FIND-
 ING INCLUDE, WITHOUT LIMITATION, WHERE SUCH PERSON:
   (I) INDEMNIFIES, INSURES, OR  PROTECTS  ANOTHER  PERSON  THAT  IS  NOT
 SUBJECT  TO  THIS ARTICLE FOR ANY COSTS OR RISKS RELATED TO SUCH COVERED
 LOAN;
   (II) PREDOMINANTLY DESIGNS, CONTROLS, OR OPERATES THE PROGRAM FOR SUCH
 COVERED LOAN; OR
   (III) HOLDS THE TRADEMARK  OR  INTELLECTUAL  PROPERTY  RIGHTS  IN  THE
 BRAND, UNDERWRITING SYSTEM, OR OTHER CORE ASPECTS OF A COVERED LENDER.
   (3) COVERED LENDER SHALL NOT INCLUDE ANY EXEMPT FINANCIAL ENTITIES.
   (C)  "AUTOMATIC  DEBIT  AUTHORIZATION"  SHALL  MEAN AUTHORIZATION BY A
 BORROWER TO A COVERED  LENDER  TO  WITHDRAW  FUNDS  DIRECTLY  FROM  SUCH
 BORROWER'S DEPOSIT ACCOUNT.
   (D) "EXEMPT FINANCIAL ENTITIES" SHALL MEAN ANY OF THE FOLLOWING:
   (1) ANY BANK, SAVINGS BANK, SAVINGS AND LOAN ASSOCIATION, TRUST COMPA-
 NY,  PRIVATE  BANKER,  CREDIT  UNION, INVESTMENT COMPANY ORGANIZED UNDER
 ARTICLE TWELVE OF THIS CHAPTER, NATIONAL BANK, FEDERAL  SAVINGS  ASSOCI-
 ATION,  FEDERAL  SAVINGS  AND  LOAN  ASSOCIATION,  FEDERAL CREDIT UNION,
 FEDERAL TRUST COMPANY, AND FOREIGN BANKING CORPORATION LICENSED  BY  THE
 COMPTROLLER OF THE CURRENCY TO TRANSACT BUSINESS IN THIS STATE OR BY THE
 UNITED STATES;
   (2)  ANY PERSON ORGANIZED UNDER AND CONDUCTING TRANSACTIONS SUBJECT TO
 ARTICLES NINE, TWELVE-B, TWELVE-D, TWELVE-E AND FOURTEEN-B OF THE  BANK-
 ING LAW;
   (3)  ANY PERSON ORGANIZED UNDER AND CONDUCTING TRANSACTIONS SUBJECT TO
 ARTICLE NINE, NINE-A, TEN OR ELEVEN OF THE PERSONAL PROPERTY LAW;
 A. 11293                            3
 
   (4) ANY PERSON MAKING  LOANS  UNDER  PROGRAMS  OF  THE  UNITED  STATES
 DEPARTMENT OF AGRICULTURE, UNITED STATES DEPARTMENT OF HOUSING AND URBAN
 DEVELOPMENT, OR ANY OTHER FEDERAL GOVERNMENT PROGRAM THAT PROVIDES FUND-
 ING  OR  ACCESS  TO  FUNDING  FOR  SINGLE-FAMILY HOUSING DEVELOPMENTS OR
 GRANTS  TO  LOW-INCOME INDIVIDUALS FOR THE PURCHASE OR REPAIR OF SINGLE-
 FAMILY HOUSING;
   (5) NONPROFIT HOUSING ORGANIZATIONS MAKING LOANS, OR LOANS MADE  UNDER
 HOUSING PROGRAMS THAT ARE FUNDED IN WHOLE OR IN PART BY FEDERAL OR STATE
 PROGRAMS IF THE PRIMARY PURPOSE OF SUCH PROGRAMS IS TO ASSIST LOW-INCOME
 BORROWERS  WITH  PURCHASING  OR  REPAIRING HOUSING OR THE DEVELOPMENT OF
 HOUSING FOR LOW-INCOME NEW YORK STATE RESIDENTS; OR
   (6) ANY PERSON THAT EXTENDS MONEY OR CREDIT TO  ANOTHER  PERSON  ON  A
 NONRECOURSE  BASIS  IN  EXCHANGE  FOR  A  CONTINGENT RIGHT TO RECEIVE AN
 AMOUNT OF THE POTENTIAL PROCEEDS OF  ANY  AWARD,  JUDGMENT,  SETTLEMENT,
 VERDICT,  OR  OTHER  RESOLUTION FROM A PENDING LEGAL ACTION, UNLESS SUCH
 PERSON REQUIRES REPAYMENT IN THE EVENT THAT SUCH OTHER PERSON  DOES  NOT
 PREVAIL IN THEIR CIVIL PROCEEDING.
   (E)  "COMMERCIAL  FINANCING" SHALL HAVE THE SAME MEANING AS DEFINED IN
 SECTION EIGHT HUNDRED ONE OF THIS CHAPTER.
   (F) "FINANCE CHARGE" SHALL HAVE THE SAME MEANING AS DEFINED IN SECTION
 EIGHT HUNDRED ONE OF THIS CHAPTER.
   (G) "FACTORING TRANSACTION" SHALL HAVE THE SAME MEANING AS DEFINED  IN
 SECTION EIGHT HUNDRED ONE OF THIS CHAPTER.
   (H)  "OPEN-END  FINANCING"  SHALL  HAVE THE SAME MEANING AS DEFINED IN
 SECTION EIGHT HUNDRED ONE OF THIS CHAPTER.
   (I) "CLOSED-END FINANCING" SHALL HAVE THE SAME MEANING AS  DEFINED  IN
 SECTION EIGHT HUNDRED ONE OF THIS CHAPTER.
   (J)  "SALES-BASED FINANCING" SHALL HAVE THE SAME MEANING AS DEFINED IN
 SECTION EIGHT HUNDRED ONE OF THIS CHAPTER.
   § 821. REPORTING REQUIRED. (A) ANY COVERED LENDER SHALL, WITHIN THIRTY
 DAYS OF ORIGINATING, ACQUIRING, OR REFINANCING A COVERED LOAN, REPORT TO
 THE DEPARTMENT THE FOLLOWING INFORMATION ON A  FORM  PRESCRIBED  BY  THE
 SUPERINTENDENT:
   (1) THE IDENTITY OF EACH COVERED LENDER OF SUCH COVERED LOAN AND THEIR
 RESPECTIVE  INTEREST  THEREIN,  INCLUDING  THE STATE OF INCORPORATION OF
 EACH COVERED LENDER;
   (2) THE BORROWER OF SUCH COVERED LOAN AND THEIR ZIP CODE;
   (3) THE DATE OF  ORIGINATION,  ACQUISITION,  OR  REFINANCING  OF  SUCH
 COVERED LOAN;
   (4) WHETHER SUCH LOAN IS FOR PERSONAL, FAMILY, OR HOUSEHOLD USE OR FOR
 COMMERCIAL USE;
   (5)  FOR  COMMERCIAL  FINANCING,  THE ARRANGEMENT TYPE OF SUCH COVERED
 LOAN, INCLUDING WHETHER SUCH COVERED LOAN CONSTITUTES  OPEN-END  FINANC-
 ING,  CLOSED-END  FINANCING,  SALES-BASED  FINANCING, A FACTORING TRANS-
 ACTION, OR A HYBRID  OR  COMBINATION  THEREOF,  OR  ANOTHER  ARRANGEMENT
 DETERMINED BY THE SUPERINTENDENT TO CONSTITUTE A COVERED LOAN;
   (6)  THE  AMOUNT  FINANCED,  EXTENDED, OR PURCHASED UNDER SUCH COVERED
 LOAN;
   (7) THE AMOUNT ACTUALLY DISBURSED TO THE BORROWER UNDER  SUCH  COVERED
 LOAN;
   (8)  THE  REPAYMENT FREQUENCY AND CONTRACTUAL DURATION OR TERM OF SUCH
 COVERED LOAN, WHERE APPLICABLE;
   (9) THE CONTRACTUAL PRICING TERMS APPLICABLE  TO  SUCH  COVERED  LOAN,
 INCLUDING, AS APPLICABLE:
   (A) ANNUAL PERCENTAGE RATES;
   (B) REPAYMENT PERCENTAGES BASED ON SALES OR REVENUE;
 A. 11293                            4
 
   (C) FINANCE CHARGES;
   (D) FEES; AND
   (E) OTHER PRICING METRICS PRESCRIBED BY THE SUPERINTENDENT;
   (10) WHETHER SUCH COVERED LOAN INVOLVES:
   (A) AUTOMATIC DEBIT AUTHORIZATION;
   (B) A CONFESSION OF JUDGMENT;
   (C) FEES OR CHARGES ARISING FROM PREPAYMENT OR PAYOFF; OR
   (D) THE REFINANCING OF ONE OR MORE PRIOR COVERED LOANS;
   (11)  THE  LATE  FEES, PENALTIES OR OTHER CHARGES ASSOCIATED WITH SUCH
 COVERED LOAN; AND
   (12) ANY OTHER INFORMATION REQUESTED BY THE SUPERINTENDENT.
   (B) THE INFORMATION  REQUIRED  PURSUANT  TO  SUBSECTION  (A)  OF  THIS
 SECTION  SHALL  BE  SUBMITTED  ELECTRONICALLY  OR  IN  WRITING ON A FORM
 PRESCRIBED BY THE SUPERINTENDENT PURSUANT TO SECTION EIGHT HUNDRED TWEN-
 TY-TWO OF THIS ARTICLE. SUCH FORM SHALL BE AFFIRMED AS TRUE AND ACCURATE
 UNDER PENALTY OF PERJURY.
   § 822. FORM AND FILING. (A) THE DEPARTMENT SHALL PRESCRIBE  THE  FORM,
 CONTENTS,  FILING  INSTRUCTIONS,  AND  MANNER  OF SUBMISSION FOR REPORTS
 REQUIRED PURSUANT TO SECTION EIGHT HUNDRED TWENTY-ONE OF THIS ARTICLE BY
 REGULATION AND SHALL PROVIDE AN OPTION TO FILE  SUCH  REPORTS  ELECTRON-
 ICALLY.
   (B)  WHEN  TWO  OR  MORE  COVERED LENDERS HAVE AN INTEREST IN THE SAME
 COVERED LOAN, ANY SUCH COVERED LENDER MAY FILE SUCH REPORT ON BEHALF  OF
 ALL OTHER COVERED LENDERS.
   (C)  THE  DEPARTMENT MAY CHARGE A FEE FOR FILING SUCH REPORT, PROVIDED
 THAT SUCH FEE DOES NOT EXCEED TWENTY-FIVE DOLLARS.
   (D) NOTWITHSTANDING THE PUBLIC OFFICERS LAW, A REPORT FILED UNDER THIS
 ARTICLE SHALL BE CONFIDENTIAL AND NOT SUBJECT TO PUBLIC DISCLOSURE.
   (E) NOTHING  IN  THIS  ARTICLE  SHALL  PROHIBIT  THE  DEPARTMENT  FROM
 PUBLISHING  AGGREGATED  OR ANONYMIZED INFORMATION PURSUANT TO THIS ARTI-
 CLE.
   (F) THE DEPARTMENT MAY DISCLOSE SUCH INFORMATION ONLY TO:
   (1) THE BORROWER OR THE BORROWER'S AUTHORIZED REPRESENTATIVE;
   (2) THE COVERED LENDER OR THE COVERED  LENDER'S  AUTHORIZED  REPRESEN-
 TATIVE;
   (3) THE ATTORNEY GENERAL OR A LAW ENFORCEMENT AGENCY;
   (4) ANOTHER STATE OR FEDERAL REGULATOR FOR SUPERVISORY, REGULATORY, OR
 ENFORCEMENT PURPOSES; OR
   (5) AS OTHERWISE ORDERED BY A COURT OF COMPETENT JURISDICTION.
   (G)  ANY  RECIPIENT  OF  A REPORT FILED PURSUANT TO THIS SECTION SHALL
 MAINTAIN THE CONFIDENTIALITY OF SUCH INFORMATION.
   (H) NOTHING IN THIS SECTION SHALL LIMIT THE DEPARTMENT'S USE OF INFOR-
 MATION CONTAINED IN A REPORT FILED PURSUANT TO THIS SECTION FOR SUPERVI-
 SORY OR ENFORCEMENT PURPOSES.
   § 823. ANNUAL REPORT. (A) THE SUPERINTENDENT SHALL COLLECT  AND  MAIN-
 TAIN  DATA  SUBMITTED  PURSUANT TO SECTIONS EIGHT HUNDRED TWENTY-ONE AND
 EIGHT HUNDRED TWENTY-TWO OF THIS ARTICLE AND SHALL  ANNUALLY  PUBLISH  A
 REPORT  ON  THE  DEPARTMENT'S  WEBSITE CONTAINING AGGREGATED INFORMATION
 REGARDING COVERED LOANS REPORTED PURSUANT TO SUCH  SECTIONS  DURING  THE
 PRECEDING YEAR.
   (B) SUCH REPORT SHALL INCLUDE DISTRIBUTIONS CATEGORIZED BY:
   (1) PERSONAL, FAMILY, OR HOUSEHOLD PURPOSES; AND
   (2) COMMERCIAL FINANCING BY ARRANGEMENT, INCLUDING BUT NOT LIMITED TO:
   (A) OPEN-END FINANCING;
   (B) CLOSED-END FINANCING;
   (C) SALES-BASED FINANCING;
 A. 11293                            5
 
   (D) FACTORING TRANSACTIONS;
   (E) HYBRID OR COMBINED COMMERCIAL FINANCING ARRANGEMENTS; AND
   (F)  OTHER ARRANGEMENTS DETERMINED BY THE SUPERINTENDENT TO CONSTITUTE
 COVERED LOANS.
   (C)  THE  REPORT  SHALL  INCLUDE,  FOR  EACH  CATEGORY  DESCRIBED   IN
 SUBSECTION (B) OF THIS SECTION:
   (1)  THE  TOTAL  NUMBER  AND CONTRACTUAL AMOUNT FINANCED, EXTENDED, OR
 PURCHASED UNDER COVERED LOANS;
   (2) THE GEOGRAPHIC DISTRIBUTION OF BORROWERS BY ZIP CODE;
   (3) THE GEOGRAPHIC DISTRIBUTION OF COVERED LENDERS BY STATE OF  INCOR-
 PORATION;
   (4)  THE  AVERAGE  AND MEDIAN CONTRACTUAL AMOUNT FINANCED, EXTENDED OR
 PURCHASED UNDER COVERED LOANS;
   (5) THE AVERAGE AND MEDIAN  AMOUNT  ACTUALLY  DISBURSED  TO  BORROWERS
 UNDER COVERED LOANS;
   (6)  DISTRIBUTIONS CATEGORIZED BY CONTRACTUAL PRICING TERMS APPLICABLE
 TO COVERED LOANS, INCLUDING, AS APPLICABLE:
   (A) ANNUAL PERCENTAGE RATES;
   (B) REPAYMENT PERCENTAGES BASED ON SALES OR REVENUE;
   (C) FINANCE CHARGES;
   (D) FEES; AND
   (E) OTHER PRICING METRICS PRESCRIBED BY THE SUPERINTENDENT;
   (7) DISTRIBUTIONS CATEGORIZED BY REPAYMENT FREQUENCY,  WHERE  APPLICA-
 BLE;
   (8)  DISTRIBUTIONS CATEGORIZED BY CONTRACTUAL DURATION OR TERM OF SUCH
 COVERED LOAN, WHERE APPLICABLE;
   (9) DISTRIBUTIONS CATEGORIZED BY LATE FEES, PENALTIES, OR OTHER CHARG-
 ES ASSOCIATED WITH COVERED LOANS;
   (10) THE NUMBER AND PERCENTAGE OF  COVERED  LOANS  INVOLVING  FEES  OR
 CHARGES ARISING FROM PREPAYMENT OR PAYOFF OF A COVERED LOAN;
   (11)  THE  NUMBER  AND PERCENTAGE OF COVERED LOANS INVOLVING AUTOMATIC
 DEBIT AUTHORIZATION;
   (12) THE NUMBER AND PERCENTAGE OF COVERED LOANS INVOLVING  CONFESSIONS
 OF JUDGMENT;
   (13)  THE  NUMBER  AND PERCENTAGE OF COVERED LOANS INVOLVING THE REFI-
 NANCING OF ONE OR MORE PRIOR COVERED LOANS;
   (14) THE NUMBER OF COVERED LENDERS REFERRED TO  THE  ATTORNEY  GENERAL
 FOR ENFORCEMENT ACTION; AND
   (15)  THE  NUMBER OF COVERED LENDERS SUBJECT TO ENFORCEMENT ACTIONS BY
 THE SUPERINTENDENT.
   (D) THE SUPERINTENDENT  MAY  PUBLISH  ADDITIONAL  ARRANGEMENT-SPECIFIC
 METRICS,  ANALYSES,  AND DISTRIBUTIONS RELEVANT TO PARTICULAR CATEGORIES
 OF COVERED  LOANS,  INCLUDING  RELATING  TO  RECONCILIATION  PROVISIONS,
 REPAYMENT  PRACTICES, REFINANCING ACTIVITY, OR OTHER FEATURES ASSOCIATED
 WITH PARTICULAR ARRANGEMENT TYPES.
   (E) THE SUPERINTENDENT MAY ESTABLISH ADDITIONAL REPORTING  CATEGORIES,
 METHODOLOGIES,  RANGES,  AND METRICS NECESSARY TO CARRY OUT THE PURPOSES
 OF THIS SECTION.
   § 824. REGULATIONS. THE SUPERINTENDENT MAY PROMULGATE SUCH  RULES  AND
 REGULATIONS  AS  ARE NECESSARY TO IMPLEMENT, ADMINISTER, AND ENFORCE THE
 PROVISIONS OF THIS ARTICLE, INCLUDING BUT  NOT  LIMITED  TO  REGULATIONS
 RELATING TO:
   (A)  REPORTING  FORMS,  FILING  PROCEDURES,  AND ELECTRONIC SUBMISSION
 REQUIREMENTS;
   (B) THE CLASSIFICATION AND CATEGORIZATION OF COVERED LOANS AND COMMER-
 CIAL FINANCING ARRANGEMENTS;
 A. 11293                            6
 
   (C) METHODOLOGIES, RANGES, AND  STANDARDS  FOR  REPORTING  CONTRACTUAL
 PRICING TERMS AND OTHER REQUIRED INFORMATION;
   (D)  THE  AVOIDANCE  OF  DUPLICATIVE  OR  INCONSISTENT REPORTING WHERE
 MULTIPLE COVERED LENDERS HAVE AN INTEREST IN THE SAME COVERED LOAN;
   (E) STANDARDS FOR DETERMINING WHETHER A PERSON IS A COVERED LENDER  OR
 WHETHER A TRANSACTION CONSTITUTES A COVERED LOAN UNDER THIS ARTICLE;
   (F) RECORDKEEPING AND RETENTION REQUIREMENTS RELATING TO REPORTS FILED
 PURSUANT  TO SECTIONS EIGHT HUNDRED TWENTY-ONE AND EIGHT HUNDRED TWENTY-
 TWO OF THIS ARTICLE;
   (G) THE PUBLICATION OF AGGREGATED OR ANONYMIZED ANNUAL REPORTS  PURSU-
 ANT TO SECTION EIGHT HUNDRED TWENTY-THREE OF THIS ARTICLE; AND
   (H)  SUCH OTHER MATTERS AS THE SUPERINTENDENT DEEMS NECESSARY TO CARRY
 OUT THE PURPOSES OF THIS SECTION.
   § 825. PENALTIES. A VIOLATION OF THE PROVISIONS OF THIS ARTICLE  SHALL
 BE  A  VIOLATION  OF THIS CHAPTER AND MAY BE SUBJECT TO CIVIL PENALTIES,
 INJUNCTIVE RELIEF AND OTHER CORRECTIVE ACTION  OR  ENFORCEMENT  MEASURES
 IMPOSED BY THE SUPERINTENDENT IN REGULATION.
   §  826. SEVERABILITY. IF ANY PROVISION OF THIS SECTION OR THE APPLICA-
 TION THEREOF TO ANY PERSON OR CIRCUMSTANCES IS HELD TO BE INVALID,  SUCH
 INVALIDITY  SHALL  NOT  AFFECT  OTHER PROVISIONS OR APPLICATIONS OF THIS
 SECTION WHICH CAN BE GIVEN  EFFECT  WITHOUT  THE  INVALID  PROVISION  OR
 APPLICATION, AND TO THIS END, THE PROVISIONS OF THIS SECTION ARE SEVERA-
 BLE.
   §  827. PREEMPTION. THIS SECTION SHALL NOT APPLY TO THE EXTENT THAT IT
 IS PREEMPTED BY FEDERAL LAW. NOTHING IN THIS SECTION SHALL BE  CONSTRUED
 TO  REQUIRE ANY ACT PROHIBITED, OR PROHIBIT ANY ACT REQUIRED, BY FEDERAL
 LAW.
   § 2. The superintendent of financial services shall  promulgate  rules
 and  regulations necessary to implement the provisions of section one of
 this act no later than one year after this section shall have  become  a
 law.
   § 3. This act shall take effect immediately; provided, however, that:
   (a)  section  one  of  this  act  shall take effect on the one hundred
 eightieth day after the superintendent of financial services has promul-
 gated the rules and regulations required under section two of this  act;
 and
   (b) the superintendent of financial services shall notify the legisla-
 tive bill drafting commission upon the occurrence of the promulgation of
 the  rules  and  regulations  provided for in section two of this act in
 order that the commission may maintain an accurate and timely  effective
 data  base  of the official text of the laws of the state of New York in
 furtherance of effectuating the provisions of section 44 of the legisla-
 tive law and section 70-b of the public officers law.
   Effective immediately, the addition, amendment and/or  repeal  of  any
 rule  or  regulation necessary for the implementation of this act on its
 effective date are authorized to be made and completed on or before such
 effective date.