Bill Text: NY S06639 | 2023-2024 | General Assembly | Introduced

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Bill Title: Relates to civil penalties for certain fraud or misrepresentation of a material fact with respect to a financial product or service.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-01-03 - REFERRED TO BANKS [S06639 Detail]

Download: New_York-2023-S06639-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          6639

                               2023-2024 Regular Sessions

                    IN SENATE

                                       May 3, 2023
                                       ___________

        Introduced  by  Sen.  MYRIE  -- 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 civil  penal-
          ties  for  certain  fraud or misrepresentation of a material fact with
          respect to a financial product or service

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  Subparagraph  (A)  of  paragraph  1  of subsection (a) of
     2  section 408 of the financial services law is amended to read as follows:
     3    (A) any [intentional] fraud or [intentional]  misrepresentation  of  a
     4  material  fact with respect to a financial product or service or involv-
     5  ing any person offering to provide or providing  financial  products  or
     6  services; or
     7    § 2. This act shall take effect immediately.






         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11128-01-3