New York S 3862: Relates to requirements for making of policy loans

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 
S03862 Summary:

BILL NOS03862 

&nbsp

SAME ASSAME AS A06833

&nbsp

SPONSORCOMRIE

&nbsp

COSPNSRMYRIE

&nbsp

MLTSPNSR

&nbsp

Amd §3203, Ins L

&nbsp

Requires the terms and conditions of any individual life insurance policy loan to be in writing, be signed by the insured and the agent and contain a signed statement that the agent has explained the terms to the policyholder.

Go to top S03862 Actions:

BILL NOS03862 

&nbsp

01/30/2025REFERRED TO INSURANCE

01/07/2026REFERRED TO INSURANCE

Go to topS03862 Committee&nbspVotes:

Go to topS03862 Floor&nbspVotes:

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

Go to topS03862 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3862

 2025-2026 Regular Sessions

 IN SENATE

 January 30, 2025
 ___________

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

 AN ACT to amend the insurance law, in relation to requirements for
 making of policy loans

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

 1 Section 1. Paragraph 8 of subsection (a) of section 3203 of the insur-
 2 ance law is amended by adding two new subparagraphs (K) and (L) to read
 3 as follows:
 4 (K) that the agent has fully explained all of the terms and conditions
 5 of the policy loan to the policyholder;
 6 (L) all of the terms and conditions of any policy loan shall be in
 7 writing in at least ten point type and shall be signed by the insured
 8 and the agent of the insurer;
 9 § 2. This act shall take effect on the sixtieth day after it shall
 10 have become a law and shall apply to all policies issued, reviewed or
 11 modified on or after such effective date.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05377-01-5

Go to top 

• 

 Sitemap 

 Request Information 

 Directions and Maps