S 3695 NY

0likes☆Favorite🔕SubscribeShare

Passed Legislature

Skip to main content

New York State Assembly Speaker Carl E. Heastie

--> --> -->

Assembly Members

Legislative Info

Public Hearings

Speaker's Press

Assembly Reports

Committees & More

Bill Search Home Laws Legislative Calendar Public Hearing Schedule Assembly Calendars Assembly Committee Agenda Javascript must be enabled to properly view this page.

Bill No.: Summary Actions Committee&nbspVotes Floor&nbspVotes Memo Text LFIN Chamber&nbspVideo/Transcript S03695 Summary: BILL NO S03695 &nbsp SAME AS SAME AS A04327

&nbsp SPONSOR SANDERS &nbsp COSPNSR MAYER, PARKER, RAMOS &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 S03695 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.

Go to top

Sitemap

Request Information

Directions and Maps