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- Referred to banks
- Referred to banks
Full text
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Sponsor's memo
BILL NUMBER:S5415
Title of bill
An act to amend the financial services law, in relation to requiring the establishment of a securities investor protection program
Purpose or general idea of bill
To provide protection to consumers of financial products and services from theft by a regulated financial agent.
Summary of specific provisions
Section 301 of the financial services law is amended by adding a new section (d) that will provide the superintendent with the power to establish a securities investor protection program to insure consumers of financial products and services in cases of theft by a regulated person.
Justification
Theft by providers of financial services have resulted in significant harm to consumers of financial products and services and undermined confidence the financial services industry. The establishment of a securities investor protection program would serve to indemnify such consumers from losses incurred by theft and help restore confidence in the financial services industry.
Prior legislative history
None.
Fiscal implications
To be determined.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.