S3789 • 2025

Relates to civil penalties for certain fraud or misrepresentation of a material fact with respect to a financial product or service

Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor: Zellnor Myrie
Last action: 2026-06-05
Official status: In Senate Committee
Effective date: Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

Relates to civil penalties for certain fraud or misrepresentation of a material fact with respect to a financial product or service

Relates to civil penalties for certain fraud or misrepresentation of a material fact with respect to a financial product or service Relates to civil penalties for certain fraud or misrepresentation of a material fact with respect to a financial product or service.

What This Bill Does

Relates to civil penalties for certain fraud or misrepresentation of a material fact with respect to a financial product or service Relates to civil penalties for certain fraud or misrepresentation of a material fact with respect to a financial product or service.

Limits and Unknowns

This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Bill History

2026-06-05 Senate
COMMITTED TO RULES
2026-06-02 Senate
AMENDED ON THIRD READING 3789C
2026-05-19 Senate
AMENDED ON THIRD READING 3789B
2026-05-14 Senate
ADVANCED TO THIRD READING
2026-05-13 Senate
2ND REPORT CAL.
2026-05-12 Senate
1ST REPORT CAL.1027
2026-01-07 Senate
REFERRED TO BANKS
2025-06-13 Senate
COMMITTED TO RULES
2025-05-19 Senate
AMENDED ON THIRD READING 3789A
2025-03-03 Senate
ADVANCED TO THIRD READING
2025-02-26 Senate
2ND REPORT CAL.
2025-02-25 Senate
1ST REPORT CAL.390
2025-01-30 Senate
REFERRED TO BANKS

Official Summary Text

Relates to civil penalties for certain fraud or misrepresentation of a material fact with respect to a financial product or service
Relates to civil penalties for certain fraud or misrepresentation of a material fact with respect to a financial product or service.

Current Bill Text

Read the full stored bill text

S T A T E   O F   N E W   Y O R K
        ________________________________________________________________________

                                          3789

                               2025-2026 Regular Sessions

                                    I N  S E N A T E

                                    January 30, 2025
                                       ___________

        Introduced  by  Sen.  MYRIE  -- read twice and ordered printed, and when
          printed to be committed to the Committee on Banks

        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]  misrepresentation  of  a
     4  material  fact with respect to a financial product or service or involv-
     5  ing any person offering to provide or providing  financial  products  or
     6  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.
                                                                   LBD05052-01-5