New York A 3459: Relates to civil penalties for certain fraud or misrepresentation of a material fact with respect to a financial product or service

Bill Text

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A03459 Summary:

BILL NOA03459C

&nbsp

SAME ASSAME AS S03789-C

&nbsp

SPONSORLavine

&nbsp

COSPNSRBurdick, Sayegh

&nbsp

MLTSPNSR

&nbsp

Amd §408, Fin Serv L

&nbsp

Relates to civil penalties for certain fraud or misrepresentation of a material fact with respect to a financial product or service.

Go to top A03459 Actions:

BILL NOA03459C

&nbsp

01/27/2025referred to banks

05/14/2025amend and recommit to banks

05/14/2025print number 3459a

05/19/2025reported referred to codes

01/07/2026referred to codes

05/18/2026amend and recommit to codes

05/18/2026print number 3459b

05/28/2026reported referred to rules

06/01/2026amend and recommit to rules 3459c

Go to topA03459 Committee&nbspVotes:

Committee:BANKS Chair:Vanel 
DATE:05/19/2025AYE/NAY:17/10 Action: Favorable refer to committee Codes VanelAyeBolognaNay

WeprinExcusedMikulinNay

TaylorAyeSmullenNay

SternAyeFitzpatrickNay

SayeghAyeLemondesNay

BurkeExcusedDiPietroNay

AndersonAyeChangNay

MitaynesAyeChludzinskiNay

SeptimoExcusedMolitorNay

TapiaAye

De Los SantosAye

CunninghamAye

LeeAye

RagaAye

BurdickAye

DaisAye

JacksonAye

TorresAye

HooksAye

WiederAye

WrightExcused

YegerNay

Committee:CODES Chair:Dinowitz 
DATE:05/28/2026AYE/NAY:13/5 Action: Favorable refer to committee Rules DinowitzAyeMorinelloNay

CookExcusedReillyNay

LavineAyeMikulinExcused

WeprinAyeTannousisNay

HevesiAyeAngelinoNay

SeawrightAyeMolitorNay

RosenthalAye

WalkerAye

VanelAbsent

CruzAye

BoresExcused

ReyesAye

CunninghamAye

RomeroAye

AlvarezAye

TaylorAye

Go to topA03459 Floor&nbspVotes:

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

Go to topA03459 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3459--C

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 27, 2025
 ___________

 Introduced by M. of A. LAVINE, BURDICK, SAYEGH -- read once and referred
 to the Committee on Banks -- committee discharged, bill amended,
 ordered reprinted as amended and recommitted to said committee --
 reported and referred to the Committee on Codes -- recommitted to the
 Committee on Codes in accordance with Assembly Rule 3, sec. 2 --
 committee discharged, bill amended, ordered reprinted as amended and
 recommitted to said committee -- again reported from said committee
 with amendments, ordered reprinted as amended and recommitted to said
 committee

 AN ACT to amend the financial services law, in relation to civil penal-
 ties for certain fraud or misrepresentation of a material fact with
 respect to a financial product or service

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

 1 Section 1. Paragraph 1 of subsection (a) of section 408 of the finan-
 2 cial services law is amended and a new subsection (c) is added to read
 3 as follows:
 4 (1) not to exceed five thousand dollars per offense, for:
 5 (A) (i) any [intentional] fraud [or intentional misrepresentation]
 6 with respect to a financial product or service or involving any person
 7 offering to provide or providing financial products or services; or
 8 (ii) any representation or omission of a material fact with respect to
 9 a financial product or service or involving any person offering to
 10 provide or providing financial products or services that misleads or is
 11 likely to mislead a consumer when the consumer's interpretation of the
 12 representation or omission is reasonable under the circumstances; [or]
 13 (B) any violation of state or federal fair debt collection practices
 14 or federal or state fair lending laws; or
 15 (C) any act or practice that:
 16 (i) causes or is likely to cause substantial injury to consumers which
 17 is not reasonably avoidable by consumers; and

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05052-08-6

 A. 3459--C 2

 1 (ii) such substantial injury is not outweighed by countervailing bene-
 2 fits to consumers or to competition; and
 3 (c) This section shall not be construed to limit any other criminal or
 4 civil liability such entity may be subject to under law.
 5 § 2. This act shall take effect immediately.

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