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S04954 Summary:

S04954 Actions:

S04954 Committee Votes:

S04954 Floor Votes:

S04954 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         4954--C
            Cal. No. 627
 
                               2021-2022 Regular Sessions
 
                    IN SENATE
 
                                    February 19, 2021
                                       ___________
 
        Introduced by Sens. MYRIE, BROUK, JACKSON, KRUEGER, RAMOS, REICHLIN-MEL-
          NICK,  SALAZAR, SKOUFIS, THOMAS -- read twice and ordered printed, and
          when printed to be committed to the Committee on  Consumer  Protection
          --  recommitted  to the Committee on Consumer Protection in accordance
          with Senate Rule 6, sec. 8  --  committee  discharged,  bill  amended,
          ordered  reprinted  as  amended  and  recommitted to said committee --
          committee discharged, bill amended, ordered reprinted as  amended  and
          recommitted  to said committee -- reported favorably from said commit-
          tee, 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 general  business  law,  in  relation  to  fraud  in
          connection with an abnormal disruption of the market
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Section 350-d of the general business law,  as  amended  by
     2  chapter 208 of the laws of 2007, is amended to read as follows:
     3    §  350-d.  Civil penalty. (a) Any person, firm, corporation or associ-
     4  ation or agent or employee thereof who engages in any  of  the  acts  or
     5  practices  stated  in  this  article to be unlawful shall be liable to a
     6  civil penalty of not more than five thousand dollars for each violation,
     7  which shall accrue to the state of New York and may be  recovered  in  a
     8  civil  action  brought  by  the  attorney general. In any such action it
     9  shall be a complete defense that the advertisement  is  subject  to  and
    10  complies  with  the  rules and regulations of, and the statutes adminis-
    11  tered by the Federal Trade Commission or any official department,  divi-
    12  sion, commission or agency of the state of New York.
    13    (b)  Notwithstanding subdivision (a) of this section, any firm, corpo-
    14  ration or association or agent or employee thereof who engages in any of
    15  the acts or practices stated in section three hundred forty-nine of this
    16  article to  be  unlawful  in  connection  with  or  during  an  abnormal
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09574-09-2
        S. 4954--C                          2
 
     1  disruption  of the market shall be liable to a civil penalty of not more
     2  than fifteen thousand dollars for each  violation  or  three  times  the
     3  actual  restitution  needed, whichever is greater, which shall accrue to
     4  the  state of New York and may be recovered in a civil action brought by
     5  the attorney general. In any such action it shall be a complete  defense
     6  that  the  advertisement  is  subject to and complies with the rules and
     7  regulations of, and the  statutes  administered  by  the  Federal  Trade
     8  Commission or any official department, division, commission or agency of
     9  the  state of New York.  For the purposes of this subdivision, "abnormal
    10  disruption of the market" shall mean any change in the  market,  whether
    11  actual  or  imminently  threatened,  resulting  from  stress of weather,
    12  convulsion of nature, failure or shortage of  electric  power  or  other
    13  source of energy, strike, civil disorder, war, military action, national
    14  or  local  emergency,  or  other  cause of an abnormal disruption of the
    15  market which results in the declaration of a state of emergency  by  the
    16  governor.
    17    §  2.  This  act shall take effect on the thirtieth day after it shall
    18  have become a law. Effective immediately, the attorney general may  make
    19  regulations  and  take  other  actions reasonably necessary to implement
    20  this act on such effective date.