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Senate Bill S3695

2025-2026 Legislative Session

Relates to prohibiting the inclusion of a confession of judgment in a contract or agreement for a financial product or service

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Current Bill Status - In Assembly Committee

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2025-S3695 (ACTIVE) - Details

See Assembly Version of this Bill:
A4327
Current Committee:
Assembly Codes
Law Section:
General Business Law
Laws Affected:
Add §394-bb, Gen Bus L
Versions Introduced in Other Legislative Sessions:
2019-2020: S3851, A3636
2021-2022: S2632, A2443
2023-2024: S5256, A7196

2025-S3695 (ACTIVE) - Summary

Prohibits the inclusion of a confession of judgment in a contract or agreement for a financial product or service.

2025-S3695 (ACTIVE) - Sponsor Memo

2025-S3695 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3695
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                             January 29, 2025
                                ___________
 
 Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Consumer Protection
 
 AN ACT to amend the general business law, in relation to prohibiting the
   inclusion of a confession of judgment in a contract or agreement for 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. The general business law is amended by adding a new section
 394-bb to read as follows:
   §  394-BB.  CONFESSION  OF JUDGMENT REQUIREMENT FOR CERTAIN CONTRACTS;
 PROHIBITION. 1. NO PERSON SHALL REQUIRE A CONFESSION OF JUDGMENT IN  ANY
 CONTRACT OR AGREEMENT FOR A FINANCIAL PRODUCT OR SERVICE.
   2.  AS USED IN THIS SECTION THE FOLLOWING TERMS SHALL HAVE THE FOLLOW-
 ING MEANINGS:
   (A) "FINANCIAL PRODUCT OR SERVICE" SHALL MEAN ANY FINANCIAL PRODUCT OR
 FINANCIAL SERVICE  OFFERED  OR  PROVIDED  BY  ANY  PERSON  REGULATED  OR
 REQUIRED  TO  BE  REGULATED  BY THE SUPERINTENDENT OF FINANCIAL SERVICES
 PURSUANT TO THE BANKING LAW OR THE INSURANCE LAW OR ANY FINANCIAL  PROD-
 UCT OR SERVICE OFFERED OR SOLD TO CONSUMERS EXCEPT FINANCIAL PRODUCTS OR
 SERVICES:  (I)  REGULATED  UNDER THE EXCLUSIVE JURISDICTION OF A FEDERAL
 AGENCY OR AUTHORITY, (II) REGULATED  FOR  THE  PURPOSE  OF  CONSUMER  OR
 INVESTOR PROTECTION BY ANY OTHER STATE AGENCY, STATE DEPARTMENT OR STATE
 PUBLIC AUTHORITY, OR (III) WHERE RULES OR REGULATIONS PROMULGATED BY THE
 SUPERINTENDENT  OF  FINANCIAL  SERVICES  ON  SUCH  FINANCIAL  PRODUCT OR
 SERVICE WOULD BE PREEMPTED BY FEDERAL LAW.
   (B) "FINANCIAL PRODUCT OR SERVICE REGULATED FOR THE PURPOSE OF CONSUM-
 ER OR INVESTOR PROTECTION": (I) SHALL INCLUDE (A) ANY PRODUCT OR SERVICE
 FOR WHICH REGISTRATION OR LICENSING IS REQUIRED OR FOR WHICH THE OFFEROR
 OR PROVIDER IS REQUIRED TO BE REGISTERED OR LICENSED BY STATE  LAW,  (B)
 ANY  PRODUCT  OR SERVICE AS TO WHICH PROVISIONS FOR CONSUMER OR INVESTOR
 PROTECTION ARE SPECIFICALLY SET FORTH FOR SUCH  PRODUCT  OR  SERVICE  BY
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07918-01-5

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