BILL NUMBER: S6300

SPONSOR: SANDERS
 
TITLE OF BILL:

An act to amend the civil practice law and rules, in relation to the
expiration of right to collect consumer credit debt

 
PURPOSE OR GENERAL IDEA OF BILL:

This bill would enact the "New York Slavery Era Business and State
Procurement Disclosure Act", which would require insurers and companies
contracting with the state to report investments and profits from slav-
ery and slaveholder insurance policies issued during the slavery era.
This applies only to companies with at least $1 million in annual reven-
ues.

 
SUMMARY OF PROVISIONS:

- Reports from insurers. (a) Every insurer organized, licensed, regis-
tered or accredited to do an insurance business in this state which had
an annual revenue of at least one million dollars in the preceding year
              

shall report or shall cause its holding company to report to the super-
intendent the following information:

* whether it is a member of a holding company system including any
insurer, any other member, subsidiary or division in each case whether a
licensee or not, that could possibly be expected to have issued an
insurance policy to a slaveholder during the slavery era that provided
coverage for damage to or death to such slaveholders' slaves and a list
of each such entity.

- Reports of businesses that contract with the state. The commissioner
shall develop or contract to develop, using credible information avail-
able to the public, a list of persons the commissioner determines
engaged in slavery era financing.

 
JUSTIFICATION:

The public has a right to know if a company in New York State has a
history of profiting from the slavery era before it receives any state
government procurement. The cities of Los Angeles and Chicago have simi-
lar laws. This bill would do two things. First, it would require insur-
ance companies that are licensed to do business in New York state, to
disclosure any profits from insured slaves during the slavery era.
Second, it would require disclosure of investments and profits by compa-
nies that receive state government procurement contracts. Both these
disclosure companies with at least $1 million in annual legislation is
to provide disclosure and not doing business in and with the state even
if era.requirements apply only to revenues. The purpose of this to
prevent any company from they profited during the slavery

 
PRIOR LEGISLATIVE HISTORY:

This is a new bill.

 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:

Minimal
 
EFFECTIVE DATE:
This act shall take effect on the ninetieth day after it shall have
become a 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.