Bill Text: NY S04074 | 2015-2016 | General Assembly | Introduced

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Bill Title: Authorizes the department of motor vehicles to study registration compliance and establishes penalties for automobile insurance rate evasion.

Sponsorship: Slight Partisan Bill (Republican 2-1)

Status: (Introduced - Dead) 2016-01-06 - REFERRED TO INSURANCE [S04074 Detail]

Download: New_York-2015-S04074-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4074
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                   February 26, 2015
                                      ___________
       Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
         printed to be committed to the Committee on Insurance
       AN ACT to authorize the commissioner of motor vehicles to  study  regis-
         tration  compliance  and  to  amend  the  financial  services  law, in
         relation to the establishment of penalties  for  automobile  insurance
         rate evasion
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. The commissioner of the department of motor vehicles  shall
    2  undertake  a  study  to  determine whether motor vehicles are registered
    3  within the time frames required  pursuant  to  subdivision  eighteen  of
    4  section  four  hundred  one  of  the vehicle and traffic law, along with
    5  estimates of the loss of income to the state and local  governments  for
    6  residents who fail to register their motor vehicles in New York state as
    7  required  by  law.  Additionally,  the  commissioner  shall include as a
    8  subject of this study a determination of whether New York residents  are
    9  failing  to obtain a New York state driver's license within the mandated
   10  thirty day period and the estimated loss of  income  to  the  state  for
   11  residents  who fail to obtain their New York driver's license within the
   12  thirty day period.
   13    S 2. The commissioner of the department of motor vehicles shall make a
   14  report of findings to the  governor,  the  temporary  president  of  the
   15  senate,  the  speaker of the assembly, the minority leader of the senate
   16  and the minority leader of the assembly within one year of the effective
   17  date of this act.  Such  report  shall  include  recommendations  as  to
   18  actions  that  the  state  and local government officials can perform to
   19  encourage compliance with licensure and registration laws.
   20    S 3. Subparagraph (A) of paragraph 1 of subsection (a) of section  408
   21  of the financial services law is amended to read as follows:
   22    (A)  any intentional fraud or intentional misrepresentation of a mate-
   23  rial fact with respect to a financial product or  service  or  involving
   24  any  person  offering  to  provide  or  providing  financial products or
   25  services OR WITH RESPECT TO ANY APPLICATION FOR AN INSURANCE POLICY; or
   26    S 4. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD09342-02-5