Bill Text: NY S07511 | 2013-2014 | General Assembly | Introduced

New York Senate Bill 7511 (Prior Session Legislation)

Introduced

Bill Title: Provides that, in addition to mailing, notice of cancellation of an insurance premium finance contract upon default, may be delivered by electronic means, provided that such delivery method includes evidence of receipt, including a receipt created and maintained in electronic form.

Sponsorship: Partisan Bill (Republican 1)

Status: (Introduced - Dead) 2014-05-15 - REFERRED TO BANKS [S07511 Detail]

Download: New_York-2013-S07511-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7511
                                   I N  S E N A T E
                                     May 15, 2014
                                      ___________
       Introduced  by  Sen.  FARLEY -- read twice and ordered printed, and when
         printed to be committed to the Committee on Banks
       AN ACT to amend the banking law, in relation  to  electronic  notice  of
         cancellation of certain insurance contracts upon default
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Section 576 of the banking law is amended by adding  a  new
    2  subdivision 4 to read as follows:
    3    4.  IN ADDITION TO MAILING, NOTICES REQUIRED UNDER THIS SECTION MAY BE
    4  DELIVERED BY OTHER MEANS, INCLUDING ELECTRONIC MEANS, PROVIDED THAT  ANY
    5  SUCH  DELIVERY  EVIDENCES  RECEIPT OF THE NOTICE BY THE ADDRESSEE.  SUCH
    6  RECEIPT MAY BE CREATED AND MAINTAINED IN ELECTRONIC FORM.
    7    S 2. This  act shall take effect on the ninetieth day after  it  shall
    8  have become a law.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD15180-01-4