Legislation

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This entry was published on 2014-09-22
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SECTION 402
Legislative declaration
Financial Services Law (FIS) CHAPTER 18-A, ARTICLE 4
§ 402. Legislative declaration. The legislature hereby finds and
declares that financial frauds take many forms across multiple
industries. The legislature further finds that financial fraud is
detrimental to the social and economic well-being of the citizens of
this state. In order to more thoroughly uncover, investigate and
eliminate the myriad financial frauds that may be perpetrated in, and
may involve the people of, New York state, the legislature finds that it
is appropriate that the responsibilities of the insurance frauds bureau
and the criminal investigations bureau that were administered by the
department of insurance and the department of banking, respectively,
prior to the enactment of this article, be consolidated into a new
financial frauds and consumer protection unit under the supervision of
the superintendent.