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This entry was published on 2014-09-22
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Financial Services Law (FIS) CHAPTER 18-A, ARTICLE 1
§ 104. Definitions. (a) In this chapter, unless the context otherwise

(1) "Department" shall mean the department of financial services.

(2) "Financial product or service" shall mean: (A) any financial
product or financial service offered or provided by any person regulated
or required to be regulated by the superintendent pursuant to the
banking law or the insurance law or any financial product 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 on such financial product or service would be preempted
by federal law; and

(B) "Financial product or service" shall also not include the
following, when offered or provided by a provider of consumer goods or
services: (i) the extension of credit directly to a consumer
exclusively for the purpose of enabling that consumer to purchase such
consumer good or service directly from the seller, (ii) the collection
of debt arising from such credit, or (iii) the sale or conveyance of
such debt that is delinquent or otherwise in default.

(2-a) A "financial product or service regulated for the purpose of
consumer or investor protection": (A) shall include (i) 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, (ii) any product or service as to which provisions for consumer or
investor protection are specifically set forth for such product or
service by state statute or regulation and (iii) securities, commodities
and real property subject to the provisions of article twenty-three-a of
the general business law, and (B) shall not include products or services
solely subject to other general laws or regulations for the protection
of consumers or investors.

(3) "Person" shall mean any individual, partnership, corporation,
association or any other entity.

(4) "Regulated person" or "person regulated" shall mean any person (A)
operating under or required to operate under a license, registration,
certificate or authorization under the insurance law or the banking law,
(B) authorized, accredited, chartered or incorporated or possessing or
required to possess other similar status under the insurance law or the
banking law, or (C) regulated by the superintendent pursuant to this

(5) "Superintendent" shall mean the superintendent of financial
services of this state.

(b) Whenever the terms "include", "including" or terms of similar
import appear in this chapter, unless the context requires otherwise,
such terms shall not be construed to imply the exclusion of any person,
class or thing not specifically included.

(c) A reference in this chapter to any other law or statute of this
state, or of any other jurisdiction, means such law or statute as
amended to the effective date of this chapter, and unless the context
otherwise requires, as amended thereafter.