New York S 1290: Provides for creation of a legislative budget office

Bill Text

Bill Search and Legislative Information | New York State Assembly 

• 

• 

• 

• 

• 

• 

• 

• 

 Skip to main content 

 New York State Assembly

 Speaker Carl E. Heastie

 --> 
 --> 

 --> 

• 
 Assembly Members 

• 
 Legislative Info 

• 
 Public Hearings 

• 
 Speaker's Press 

• 
 Assembly Reports 

• 
 Committees & More 

• Bill Search Home
• Laws
• Legislative Calendar
• Public Hearing Schedule
• Assembly Calendars
• Assembly Committee Agenda 

 Javascript must be enabled to properly view this page. 

 Bill No.: 

• Summary 
• Actions 
• Committee&nbspVotes 
• Floor&nbspVotes 
• Memo 
• Text 
• LFIN 
• Chamber&nbspVideo/Transcript 
S01290 Summary:

BILL NOS01290 

&nbsp

SAME ASSAME AS A01222-A

&nbsp

SPONSORKRUEGER

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §§305, 404 & 409, add §408-a, Fin Serv L

&nbsp

Allows the department of financial services to have additional oversight of banks and insurance companies that are not currently licensed in this state; provides penalties for violations.

Go to top S01290 Actions:

BILL NOS01290 

&nbsp

01/09/2025REFERRED TO BANKS

02/25/20251ST REPORT CAL.388

02/26/20252ND REPORT CAL.

03/03/2025ADVANCED TO THIRD READING 

05/22/2025PASSED SENATE

05/22/2025DELIVERED TO ASSEMBLY

05/22/2025referred to banks

01/07/2026died in assembly

01/07/2026returned to senate

01/07/2026REFERRED TO BANKS

Go to topS01290 Committee&nbspVotes:

Go to topS01290 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS01290 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1290

 2025-2026 Regular Sessions

 IN SENATE

 January 9, 2025
 ___________

 Introduced by Sen. KRUEGER -- read twice and ordered printed, and when
 printed to be committed to the Committee on Banks

 AN ACT to amend the financial services law, in relation to allowing the
 department of financial services to have additional oversight of banks
 and insurance companies that are not currently licensed

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The legislature finds that it is essential to the
 2 protection of users of financial products and services from imprudent
 3 conduct and harmful business practices in the financial services market-
 4 place that all persons offering financial products and services in New
 5 York State be sufficiently deterred from disregarding the laws and regu-
 6 lations governing the offering of financial products or services,
 7 regardless of whether they are properly licensed. Furthermore, to ensure
 8 that the business of, and the persons providing, financial products and
 9 services are appropriately supervised, the law should not advantage
 10 persons who disregard licensing requirements. Currently, as to engage-
 11 ment in many activities for which a license from the superintendent of
 12 financial services is required, an unlicensed person not exempt from
 13 licensing is not subject to civil penalty for acts that would constitute
 14 violations subject to penalty if the person were licensed; such an unli-
 15 censed person may be subject to only a limited civil penalty for engag-
 16 ing in activity without a required license. This act remediates this
 17 fault in the law by providing that any person engaged in activity for
 18 which such person must be licensed by the superintendent of financial
 19 services will be subject to a civil penalty for conducting such activity
 20 in a manner inconsistent with the law, regardless of such person's
 21 licensure status.
 22 § 2. Subsections (a) and (b) of section 305 of the financial services
 23 law are amended to read as follows:

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD02257-02-5

 S. 1290 2

 1 (a) Unless otherwise provided in this chapter, the banking law, the
 2 insurance law or any other law, any hearing pursuant to any such law may
 3 be held before the superintendent, any deputy superintendent, or any
 4 designated salaried employee of the department authorized by the super-
 5 intendent for such purpose. Any adjudicatory proceeding, including any
 6 hearings to assess civil penalties under section four hundred eight or
 7 four hundred eight-a of this chapter, held pursuant to the provisions of
 8 this chapter, the insurance law or the banking law shall be noticed,
 9 conducted and administered in compliance with the state administrative
 10 procedure act.
 11 (b) The person conducting such hearing shall have power to administer
 12 oaths, examine and cross-examine witnesses and receive documentary
 13 evidence, and shall report [his or her] such person's findings, orally
 14 or in writing, to the superintendent with or without recommendation.
 15 Such report, if adopted by the superintendent may be the basis of any
 16 determination made by the superintendent. One hundre