Bill Text: NY S05415 | 2013-2014 | General Assembly | Introduced
Bill Title: Requires the establishment of a securities investor protection program to insure consumers of financial products and services in cases of theft by a regulated person.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2014-01-08 - REFERRED TO BANKS [S05415 Detail]
Download: New_York-2013-S05415-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
5415
2013-2014 Regular Sessions
I N S E N A T E
May 16, 2013
___________
Introduced by Sen. ESPAILLAT -- read twice and ordered printed, and when
printed to be committed to the Committee on Banks
AN ACT to amend the financial services law, in relation to requiring the
establishment of a securities investor protection program
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Section 301 of the financial services law is amended by
2 adding a new subsection (d) to read as follows:
3 (D) THE SUPERINTENDENT SHALL HAVE THE POWER TO ESTABLISH A SECURITIES
4 INVESTOR PROTECTION PROGRAM TO INSURE CONSUMERS OF FINANCIAL PRODUCTS
5 AND SERVICES IN CASES OF THEFT BY A REGULATED PERSON. SUCH PROGRAM SHALL
6 ASSESS A FEE ON REGULATED FINANCIAL PRODUCTS AND SERVICES BASED ON THE
7 RISK ASSOCIATED WITH THE FINANCIAL PRODUCT OR SERVICE. THE SUPERINTEN-
8 DENT SHALL TAKE ANY AND ALL ACTIONS AS HE OR SHE DEEMS NECESSARY TO
9 EFFECTUATE THE PROVISIONS OF THIS SUBSECTION.
10 S 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD10891-01-3
