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Assembly Bill A3459C

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

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Bill Amendments

co-Sponsors

2025-A3459 - Details

See Senate Version of this Bill:
S3789
Current Committee:
Assembly Rules 3459c
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 Rules 3459c
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 - Details

See Senate Version of this Bill:
S3789
Current Committee:
Assembly Rules 3459c
Law Section:
Financial Services Law
Laws Affected:
Amd §408, Fin Serv L
Versions Introduced in 2023-2024 Legislative Session:
A7814, S6639

2025-A3459B - Summary

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

2025-A3459B - 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

co-Sponsors

2025-A3459C (ACTIVE) - Details

See Senate Version of this Bill:
S3789
Current Committee:
Assembly Rules 3459c
Law Section:
Financial Services Law
Laws Affected:
Amd §408, Fin Serv L
Versions Introduced in 2023-2024 Legislative Session:
A7814, S6639

2025-A3459C (ACTIVE) - Summary

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

2025-A3459C (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  3459--C
 
                        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 -- again reported  from  said  committee
   with  amendments, 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 and a new subsection (c) is added  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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05052-08-6

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