New York S 3695: Repeals section 50-a of the civil rights law

Bill Text

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S03695 Summary:

BILL NOS03695 

&nbsp

SAME ASSAME AS A04327

&nbsp

SPONSORSANDERS

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COSPNSRMAYER, PARKER, RAMOS

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MLTSPNSR

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Add §394-bb, Gen Bus L

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

Go to top S03695 Actions:

BILL NOS03695 

&nbsp

01/29/2025REFERRED TO CONSUMER PROTECTION

02/11/20251ST REPORT CAL.318

02/12/20252ND REPORT CAL.

02/24/2025ADVANCED TO THIRD READING 

04/03/2025PASSED SENATE

04/03/2025DELIVERED TO ASSEMBLY

04/03/2025referred to codes

01/07/2026died in assembly

01/07/2026returned to senate

01/07/2026REFERRED TO CONSUMER PROTECTION

04/28/20261ST REPORT CAL.831

04/29/20262ND REPORT CAL.

05/04/2026ADVANCED TO THIRD READING 

05/07/2026PASSED SENATE

05/07/2026DELIVERED TO ASSEMBLY

05/07/2026referred to codes

Go to topS03695 Committee&nbspVotes:

Go to topS03695 Floor&nbspVotes:

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

Go to topS03695 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3695

 2025-2026 Regular Sessions

 IN SENATE

 January 29, 2025
 ___________

 Introduced by Sen. SANDERS -- read twice and ordered printed, and when
 printed to be committed to the Committee on Consumer Protection

 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

 S. 3695 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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