Do you support this bill?

Assembly Bill A3459B

2025-2026 Legislative Session

Relates to civil penalties for certain fraud or misrepresentation of a material fact with respect to a financial product or service

download bill text pdf

Sponsored By

Current Bill Status - In Assembly Committee

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

Bill Amendments

co-Sponsors

2025-A3459 - Details

See Senate Version of this Bill:
S3789
Current Committee:
Assembly Codes
Law Section:
Financial Services Law
Laws Affected:
Amd §408, Fin Serv L
Versions Introduced in 2023-2024 Legislative Session:
A7814, S6639

2025-A3459 - Summary

Relates to civil penalties for certain fraud or misrepresentation of a material fact with respect to a financial product or service.

2025-A3459 - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3459
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 27, 2025
                                ___________
 
 Introduced by M. of A. LAVINE, BURDICK, SAYEGH -- read once and referred
   to the Committee on Banks
 
 AN  ACT to amend the financial services law, in relation to civil penal-
   ties for certain fraud or misrepresentation of a  material  fact  with
   respect to a financial product or service

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subparagraph (A)  of  paragraph  1  of  subsection  (a)  of
 section 408 of the financial services law is amended to read as follows:
   (A)  any  [intentional]  fraud or [intentional] misrepresentation of a
 material fact with respect to a financial product or service or  involv-
 ing  any  person  offering to provide or providing financial products or
 services; or
   § 2. This act shall take effect immediately.
 
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05052-01-5

co-Sponsors

2025-A3459A - Details

See Senate Version of this Bill:
S3789
Current Committee:
Assembly Codes
Law Section:
Financial Services Law
Laws Affected:
Amd §408, Fin Serv L
Versions Introduced in 2023-2024 Legislative Session:
A7814, S6639

2025-A3459A - Summary

Relates to civil penalties for certain fraud or misrepresentation of a material fact with respect to a financial product or service.

2025-A3459A - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  3459--A
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 27, 2025
                                ___________
 
 Introduced by M. of A. LAVINE, BURDICK, SAYEGH -- read once and referred
   to  the  Committee  on  Banks  --  committee discharged, bill amended,
   ordered reprinted as amended and recommitted to said committee
 
 AN ACT to amend the financial services law, in relation to civil  penal-
   ties  for  certain  fraud or misrepresentation of a material fact with
   respect to a financial product or service
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subparagraph  (A)  of  paragraph  1  of subsection (a) of
 section 408 of the financial services law is amended to read as follows:
   (A) any [intentional] fraud or  [intentional]  NEGLIGENT  misrepresen-
 tation of a material fact with respect to a financial product or service
 or  involving  any  person  offering  to  provide or providing financial
 products or services; or
   § 2. This act shall take effect immediately.
 
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05052-02-5

co-Sponsors

2025-A3459B (ACTIVE) - Details

See Senate Version of this Bill:
S3789
Current Committee:
Assembly Codes
Law Section:
Financial Services Law
Laws Affected:
Amd §408, Fin Serv L
Versions Introduced in 2023-2024 Legislative Session:
A7814, S6639

2025-A3459B (ACTIVE) - Summary

Relates to civil penalties for certain fraud or misrepresentation of a material fact with respect to a financial product or service.

2025-A3459B (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  3459--B
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 27, 2025
                                ___________
 
 Introduced by M. of A. LAVINE, BURDICK, SAYEGH -- read once and referred
   to  the  Committee  on  Banks  --  committee discharged, bill amended,
   ordered reprinted as amended and  recommitted  to  said  committee  --
   reported  and referred to the Committee on Codes -- recommitted to the
   Committee on Codes in accordance with  Assembly  Rule  3,  sec.  2  --
   committee  discharged,  bill amended, ordered reprinted as amended and
   recommitted to said committee
 
 AN ACT to amend the financial services law, in relation to civil  penal-
   ties  for  certain  fraud or misrepresentation of a material fact with
   respect to a financial product or service
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Paragraph 1 of subsection (a) of section 408 of the finan-
 cial services law is amended to read as follows:
   (1) not to exceed five thousand dollars per offense, for:
   (A) (I) any [intentional]  fraud  [or  intentional  misrepresentation]
 WITH  RESPECT  TO A FINANCIAL PRODUCT OR SERVICE OR INVOLVING ANY PERSON
 OFFERING TO PROVIDE OR PROVIDING FINANCIAL PRODUCTS OR SERVICES; OR
   (II) ANY REPRESENTATION OR OMISSION of a material fact with respect to
 a financial product or service  or  involving  any  person  offering  to
 provide  or providing financial products or services THAT MISLEADS OR IS
 LIKELY TO MISLEAD A CONSUMER WHEN THE CONSUMER'S INTERPRETATION  OF  THE
 REPRESENTATION OR OMISSION IS REASONABLE UNDER THE CIRCUMSTANCES; [or]
   (B)  any  violation of state or federal fair debt collection practices
 or federal or state fair lending laws; OR
   (C) ANY ACT OR PRACTICE THAT:
   (I) CAUSES OR IS LIKELY TO CAUSE SUBSTANTIAL INJURY TO CONSUMERS WHICH
 IS NOT REASONABLY AVOIDABLE BY CONSUMERS; AND
   (II) SUCH SUBSTANTIAL INJURY IS NOT OUTWEIGHED BY COUNTERVAILING BENE-
 FITS TO CONSUMERS OR TO COMPETITION; and
   § 2. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05052-07-6

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.