Bill > S07369

This bill amends the Banking Law to allow the use of electronic notices and documents in premium finance transactions, and sets guidelines for obtaining consent from parties to use electronic delivery. Key provisions include: defining "delivered by electronic means" as email or posting on an electronic network with separate notice; allowing premium finance agencies to deliver required notices and documents electronically if the party provides affirmative consent and is informed of their rights; requiring the agency to notify parties if there are changes to the hardware or software requirements for accessing electronic documents; and specifying that the failure to obtain electronic consent does not invalidate a premium finance agreement. The bill also includes provisions on the withdrawal of consent and the agency's obligation to use non-electronic delivery methods in certain circumstances.

Business and Industry

https://www.nysenate.gov/legislation/bills/2023/S7369