Bill Text: NY S05061 | 2017-2018 | General Assembly | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Amends the definition of the term "mail" with respect to allowing electronic delivery of notices of premium finance agencies with insured consent.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2018-06-20 - COMMITTED TO RULES [S05061 Detail]

Download: New_York-2017-S05061-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         5061--A
            Cal. No. 1136
                               2017-2018 Regular Sessions
                    IN SENATE
                                      March 6, 2017
                                       ___________
        Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
          printed to be committed to the Committee on Banks  --  recommitted  to
          the  Committee  on  Banks  in accordance with Senate Rule 6, sec. 8 --
          reported favorably from said committee, ordered to  first  and  second
          report,  ordered  to  a  third reading, amended and ordered reprinted,
          retaining its place in the order of third reading
        AN ACT to amend the banking law,  in  relation  to  allowing  electronic
          delivery of notices by premium finance agencies with insured consent
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Section 554 of the banking law is amended by adding  a  new
     2  subdivision 10 to read as follows:
     3    10.  "Mail" means delivery by United States postal service first class
     4  mail, personal delivery, overnight delivery service, electronic email or
     5  facsimile transmission; provided that the use  of  electronic  email  or
     6  facsimile  transmission by a premium finance agency with an insured: (a)
     7  is in compliance with the consent requirements of 15  U.S.C.  §  7001(c)
     8  and  the  regulations  thereunder,  as such act and regulations may from
     9  time to time be amended and (b) conspicuously and concisely notifies the
    10  recipient regarding the subject of such electronic  email  or  facsimile
    11  transmission.    For the purposes of this subdivision, "recipient" shall
    12  mean any individual or entity statutorily entitled to notice pursuant to
    13  this article.
    14    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02632-04-8