Bill
Bill > A07814
NY A07814
NY A07814Relates to civil penalties for certain fraud or misrepresentation of a material fact with respect to a financial product or service.
summary
Introduced
06/15/2023
06/15/2023
In Committee
05/28/2024
05/28/2024
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
2023-2024 General Assembly
Bill Summary
AN ACT to amend the financial services law, in relation to civil penalties for certain fraud or misrepresentation of a material fact with respect to a financial product or service
AI Summary
This bill amends the Financial Services Law to remove the requirement that fraud or misrepresentation of a material fact with respect to a financial product or service must be "intentional" in order for civil penalties to apply. The bill does not require that the fraud or misrepresentation be intentional, meaning that civil penalties could be imposed even if the fraud or misrepresentation was unintentional. The bill aims to expand the circumstances under which civil penalties can be imposed for fraud or misrepresentation related to financial products or services.
Committee Categories
Business and Industry, Housing and Urban Affairs
Sponsors (3)
Last Action
reported referred to rules (on 05/28/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2023/A7814 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A07814&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A07814 |
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