Bill Text: NY A07814 | 2023-2024 | General Assembly | Introduced

New York Assembly Bill 7814

Introduced

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 3-0)

Status: (Introduced) 2024-05-28 - reported referred to rules [A07814 Detail]

Download: New_York-2023-A07814-Introduced.html




                STATE OF NEW YORK
        ________________________________________________________________________

                                          7814

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                      June 15, 2023
                                       ___________

        Introduced by M. of A. LAVINE -- read once and referred 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