Assembly Bill A6833

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6833
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 14, 2025
                                ___________
 
 Introduced  by  M.  of A. COOK, PEOPLES-STOKES, HYNDMAN, TAYLOR, SAYEGH,
   WILLIAMS, STECK -- Multi-Sponsored by -- M. of A. BUTTENSCHON, DAVILA,
   SIMON -- read once and referred to the Committee on Insurance
 
 AN ACT to amend the insurance  law,  in  relation  to  requirements  for
   making of policy loans

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph 8 of subsection (a) of section 3203 of the insur-
 ance law is amended by adding two new subparagraphs (K) and (L) to  read
 as follows:
   (K) THAT THE AGENT HAS FULLY EXPLAINED ALL OF THE TERMS AND CONDITIONS
 OF THE POLICY LOAN TO THE POLICYHOLDER;
   (L)  ALL  OF  THE  TERMS AND CONDITIONS OF ANY POLICY LOAN SHALL BE IN
 WRITING IN AT LEAST TEN POINT TYPE AND SHALL BE SIGNED  BY  THE  INSURED
 AND THE AGENT OF THE INSURER;
   §  2.  This  act  shall take effect on the sixtieth day after it shall
 have become a law and shall apply to all policies  issued,  reviewed  or
 modified on or after such effective date.
 
 
 
 

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05377-01-5