New York S 8889: Relates to compensation, benefits and other terms and conditions of employment of members of the agency police services unit; repealer

Bill Text

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S08889 Summary:

BILL NOS08889 

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SAME ASNo Same As

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SPONSORCOONEY

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COSPNSR

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MLTSPNSR

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Add Art 10 §§1000 - 1004, Fin Serv L

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Requires a license from the department of financial services to operate a prediction market; defines "prediction market" as any platform, electronic or physical, that allows participants to place wagers, trades, or financial positions on the outcome of future events, including but not limited to political, economic, weather, or other contingencies, where payouts are tied to event outcomes; provides for standards of conduct and enforcement authority by the department of financial services.

Go to top S08889 Actions:

BILL NOS08889 

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01/13/2026REFERRED TO BANKS

Go to topS08889 Committee&nbspVotes:

Go to topS08889 Floor&nbspVotes:

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

Go to topS08889 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 8889

 IN SENATE

 January 13, 2026
 ___________

 Introduced by Sen. COONEY -- 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 licensing and
 regulation of prediction market platforms

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

 1 Section 1. This act shall be known and may be cited as the "New York
 2 prediction market regulation act".
 3 § 2. The financial services law is amended by adding a new article 10
 4 to read as follows:
 5 ARTICLE 10
 6 PREDICTION MARKET REGULATION
 7 Section 1000. Definitions.
 8 1001. License required.
 9 1002. Application and qualification.
 10 1003. Standards of conduct.
 11 1004. Enforcement authority.
 12 § 1000. Definitions. For purposes of this article, the following terms
 13 shall have the following meanings:
 14 1. "Prediction market" means any platform, electronic or physical,
 15 that allows participants to place wagers, trades, or financial positions
 16 on the outcome of future events, including but not limited to political,
 17 economic, weather, or other contingencies, where payouts are tied to
 18 event outcomes.
 19 2. "Operator" means any entity that owns, controls, manages, or other-
 20 wise provides access to a prediction market.
 21 3. "Participant" means any person who accesses or uses a prediction
 22 market to place wagers or financial positions.
 23 § 1001. License required. No person or entity shall operate a predic-
 24 tion market accessible to New York residents without first obtaining a
 25 license from the department in accordance with this article.
 26 § 1002. Application and qualification. 1. A prediction market operator
 27 seeking license shall submit to the department:
 28 (a) Business information and financial statements;

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD14389-01-6

 S. 8889 2

 1 (b) Anti-money laundering (AML) programs consistent with federal law;
 2 (c) Consumer protection policies, including, but not limited to,
 3 dispute resolution processes; and
 4 (d) Evidence of internal controls for market integrity and risk
 5 management.
 6 2. The department may require background checks, financial audits, and
 7 such demonstrations of fitness as necessary to protect public interest.
 8 § 1003. Standards of conduct. Licensed operators shall:
 9 1. Cooperate with department investigations and examinations; and
 10 2. Comply with department antifraud, recordkeeping, and reporting
 11 requirements.
 12 § 1004. Enforcement authority. 1. The department may:
 13 (a) Suspend, revoke, or refuse renewal of a license;
 14 (b) Impose fines or civil penalties for violations; and
 15 (c) Order restitution for harmed participants.
 16 2. Operators shall be subject to examination and audit by the depart-
 17 ment.
 18 § 3. This act shall take effect on the one hundred eightieth day after
 19 it shall have become a law.

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