STATE OF NEW YORK
________________________________________________________________________
6034
2019-2020 Regular Sessions
IN SENATE
May 16, 2019
___________
Introduced by Sen. SAVINO -- read twice and ordered printed, and when
printed to be committed to the Committee on Labor
AN ACT to amend the labor law, in relation to prohibiting employer
retaliation against employees in the financial services industry
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivision 1 of section 740 of the labor law is amended by
2 adding a new paragraph (h) to read as follows:
3 (h) "Financial institution" means:
4 (i) an insured bank (as defined in section 3(h) of the Federal Deposit
5 Insurance Act (12 U.S.C. 1813(h))), or a bank chartered by any state
6 which conducts business in the state of New York;
7 (ii) a commercial bank or trust company;
8 (iii) a private banker;
9 (iv) an agency or branch of a foreign bank in the United States;
10 (v) any credit union;
11 (vi) a thrift institution;
12 (vii) a broker or dealer registered with the Securities and Exchange
13 Commission under the Securities Exchange Act of 1934 (15 U.S.C. 78a et
14 seq.);
15 (viii) a broker or dealer in securities or commodities;
16 (ix) an investment banker or investment company;
17 (x) a currency exchange;
18 (xi) an issuer, redeemer, or cashier of traveler's checks, checks,
19 money orders, or similar instruments;
20 (xii) an operator of a credit card system;
21 (xiii) an insurance company;
22 (xiv) a dealer in precious metals, stones, or jewels;
23 (xv) a pawnbroker;
24 (xvi) a loan or finance company;
25 (xvii) a travel agency;
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD04366-01-9
S. 6034 2
1 (xviii) a licensed sender of money or any other person who engages as
2 a business in the transmission of funds, including any person who
3 engages as a business in an informal money transfer system or any
4 network of people who engage in a business in facilitating the transfer
5 of money domestically or internationally outside of the conventional
6 financial institutions system;
7 (xix) a telegraph company;
8 (xx) a business engaged in vehicle sales, including automobile,
9 airplane, and boat sales;
10 (xxi) persons involved in real estate closings and settlements;
11 (xxii) the United States Postal Service;
12 (xxiii) an agency of the United States government or of a state or
13 local government carrying out a duty or power of a business described in
14 this paragraph;
15 (xxiv) an Indian casino or other gaming operation;
16 (xxv) any business or agency which engages in any activity which the
17 superintendent of the department of financial services determines, by
18 regulation, to be an activity which is similar to, related to, or a
19 substitute for any activity in which any business described in this
20 paragraph is authorized to engage; or
21 (xxvi) any other business designated by the superintendent of the
22 department of financial services whose cash transactions have a high
23 degree of usefulness in criminal, tax, or regulatory matters.
24 § 2. Paragraph (a) of subdivision 2 of section 740 of the labor law,
25 as amended by chapter 442 of the laws of 2006, is amended to read as
26 follows:
27 (a) discloses, or threatens to disclose to a supervisor or to a public
28 body an activity, policy or practice of the employer that is in
29 violation of law, rule or regulation (i) which violation creates and
30 presents a substantial and specific danger to the public health or safe-
31 ty[, or]; (ii) which constitutes health care fraud; or (iii) which
32 constitutes a violation of the federal or state securities laws, finan-
33 cial or accounting fraud, or misappropriation or misuse of the funds of
34 a financial institution, a hedge fund or private equity firm, or of the
35 clients or customers of such organizations;
36 § 3. This act shall take effect immediately.
