New York A 4327: Relates to prohibiting the inclusion of a confession of judgment in a contract or agreement for a financial product or service

Bill Text

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A04327 Summary:

BILL NOA04327 

&nbsp

SAME ASSAME AS S03695

&nbsp

SPONSORDinowitz

&nbsp

COSPNSRBurdick, Seawright, Taylor, Lee, Colton, Tapia, Wright, Hooks

&nbsp

MLTSPNSR

&nbsp

Add §394-bb, Gen Bus L

&nbsp

Prohibits the inclusion of a confession of judgment in a contract or agreement for a financial product or service.

Go to top A04327 Actions:

BILL NOA04327 

&nbsp

02/04/2025referred to banks

02/25/2025reported referred to codes

03/04/2025reported 

03/06/2025advanced to third reading cal.51

01/07/2026ordered to third reading cal.124

Go to topA04327 Committee&nbspVotes:

Committee:BANKS Chair:Vanel 
DATE:02/25/2025AYE/NAY:21/8 Action: Favorable refer to committee Codes VanelAyeBolognaNay

WeprinExcusedMikulinNay

TaylorAyeSmullenExcused

SternAyeFitzpatrickNay

SayeghAyeLemondesNay

BurkeAyeDiPietroNay

AndersonAyeChangNay

MitaynesAyeChludzinskiNay

SeptimoAyeMolitorNay

TapiaAye

De Los SantosAye

CunninghamAye

LeeAye

RagaAye

BurdickAye

DaisAye

JacksonAye

TorresAye

HooksAye

WiederAye

WrightAye

YegerAye

Committee:CODES Chair:Dinowitz 
DATE:03/04/2025AYE/NAY:16/6 Action: Favorable DinowitzAyeMorinelloNay

CookAyeReillyNay

LavineAyeMikulinNay

WeprinAyeTannousisNay

HevesiAyeAngelinoNay

SeawrightAyeMolitorNay

RosenthalAye

WalkerAye

VanelAye

CruzAye

EpsteinAye

BoresAye

ReyesAye

CunninghamAye

RomeroAye

AlvarezAye

Go to topA04327 Floor&nbspVotes:

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

Go to topA04327 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4327

 2025-2026 Regular Sessions

 IN ASSEMBLY

 February 4, 2025
 ___________

 Introduced by M. of A. DINOWITZ, BURDICK, SEAWRIGHT -- read once and
 referred to the Committee on Banks

 AN ACT to amend the general business law, in relation to prohibiting the
 inclusion of a confession of judgment in a contract or agreement for 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. The general business law is amended by adding a new section
 2 394-bb to read as follows:
 3 § 394-bb. Confession of judgment requirement for certain contracts;
 4 prohibition. 1. No person shall require a confession of judgment in any
 5 contract or agreement for a financial product or service.
 6 2. As used in this section the following terms shall have the follow-
 7 ing meanings:
 8 (a) "Financial product or service" shall mean any financial product or
 9 financial service offered or provided by any person regulated or
 10 required to be regulated by the superintendent of financial services
 11 pursuant to the banking law or the insurance law or any financial prod-
 12 uct or service offered or sold to consumers except financial products or
 13 services: (i) regulated under the exclusive jurisdiction of a federal
 14 agency or authority, (ii) regulated for the purpose of consumer or
 15 investor protection by any other state agency, state department or state
 16 public authority, or (iii) where rules or regulations promulgated by the
 17 superintendent of financial services on such financial product or
 18 service would be preempted by federal law.
 19 (b) "Financial product or service regulated for the purpose of consum-
 20 er or investor protection": (i) shall include (A) any product or service
 21 for which registration or licensing is required or for which the offeror
 22 or provider is required to be registered or licensed by state law, (B)
 23 any product or service as to which provisions for consumer or investor
 24 protection are specifically set forth for such product or service by

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD07918-01-5

 A. 4327 2

 1 state statute or regulation and (C) securities, commodities and real
 2 property subject to the provisions of article twenty-three-A of this
 3 chapter, and (ii) shall not include products or services solely subject
 4 to other general laws or regulations for the protection of consumers or
 5 investors.
 6 § 2. This act shall take effect on the ninetieth day after it shall
 7 have become a law.

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