Bill > S542

This bill aims to standardize confidentiality and enforcement rules for various financial service providers licensed by the Division of Banks, referred to as "licensees" or "registrants." It introduces new provisions that allow the commissioner to impose penalties of up to $5,000 per violation, with a maximum of $100,000 plus investigation costs, for violations of applicable laws and regulations by licensees and other individuals. The bill also grants the commissioner the authority to issue orders prohibiting individuals from working in certain capacities within licensed businesses or from obtaining new licenses for up to 36 months if they violate laws or agreements. Furthermore, it clarifies that examination records and reports will be confidential and privileged, not subject to public disclosure or subpoena, though they can be shared with other regulatory and law enforcement agencies. The bill also updates existing laws to include "registrants" alongside "licensees" and modifies penalty structures and enforcement mechanisms across several chapters related to financial services, including those concerning debt collectors, third-party loan servicers, small loan businesses, check cashing, sales finance companies, premium finance agencies, and money transmitters.