Bill > A08804

This bill aims to strengthen regulatory oversight of financial services by establishing civil penalties for unlicensed activities in the financial sector. Specifically, the bill creates a new section in the financial services law that defines "prohibited unlicensed acts" as engaging in activities requiring a license or authorization without proper licensing, or performing actions that would constitute violations if the person were licensed. The superintendent of financial services is granted the authority to levy civil penalties for such unlicensed activities, with penalty amounts varying based on the specific violation. For acts that result in consumer harm, the penalties can be up to double the standard amount. The bill also allows the superintendent to order restitution for unlicensed acts. The legislation is designed to deter financial service providers from operating without proper authorization and to ensure that all entities offering financial products and services in New York State are appropriately supervised, regardless of their licensing status. By introducing these stricter penalties, the bill seeks to protect consumers and maintain the integrity of the financial services marketplace by creating consistent consequences for unlicensed or improperly authorized financial service providers.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A8804