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History
- Referred to banks
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7511
Title of bill
An act to amend the banking law, in relation to electronic notice of cancellation of certain insurance contracts upon default
Purpose
This bill would enable insurance premium finance agencies to also send notices via e-mail.
Summary of provisions
Section 576 of the Banking Law is amended to specify that, in addition to sending mailings, insurance premium finance agencies may also deliver notices by electronic means, provided that any such delivery evidences receipt of the notice.
Justification
Section 576 of the Banking Law currently specifies the process for cancelling an insurance premium finance contract upon default, including the mailing of notices to the insured and the insurer. This bill would clearly allow insurance premium finance agencies to supplement such mailings by also delivering notices via e-mail. This updates the law to reflect and keep pace with changes in technology. Allowing an e-mail notice will provide for quicker notice, and offer greater certainty and tracking of when notices are sent and received.
Fiscal implications
None.
Local fiscal implications
None.
Effective date
The ninetieth day after it shall have become law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.