STATE OF NEW YORK
________________________________________________________________________
3789--A
Cal. No. 390
2025-2026 Regular Sessions
IN SENATE
January 30, 2025
___________
Introduced by Sen. MYRIE -- read twice and ordered printed, and when
printed to be committed to the Committee on Banks -- reported favora-
bly from said committee, ordered to first and second report, ordered
to a third reading, amended and ordered reprinted, retaining its place
in the order of third reading
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. Subparagraph (A) of paragraph 1 of subsection (a) of
2 section 408 of the financial services law is amended to read as follows:
3 (A) any [intentional] fraud or [intentional] negligent misrepresen-
4 tation of a material fact with respect to a financial product or service
5 or involving any person offering to provide or providing financial
6 products or services; or
7 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD05052-03-5
