What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
No co-sponsors yet.
History
- Referred to banks
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to allowing electronic delivery of notices of premium finance agencies with insured consent
In Assembly Committee · Banks · Sponsor Andrew Hevesi
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the banking law, in relation to allowing electronic delivery of notices by premium finance agencies with insured consent
Purpose
To permit premium finance agency notices to be delivered electronically with insured consent.
Summary of provisions
Section 1 adds new subdivision ten to Section 554 of the Banking Law adding a definition of "mail" to permit delivery of notices by premium finance agencies by electronic means (email and fax) to insureds with their consent in addition to more traditional forms of delivery such as U.S.P.S. 1st class mail, personal delivery and overnight delivery service.
Section 2 is the effective date.
Justification
There has been an increasing trend in today's technologically advanced society toward communicating electronically. The Legislature has advanced bills promoting this trend (see S.5249B/A8076B and S2367B of 2015/16). Premium Finance Agencies would like to provide the option to their customers of receiving notices and documents electronically.
Currently, the Department of Financial Services has advised that the use of electronic communications in insurance related transaction is generally permitted, as long consumers have consented to doing business electronically. This bill would codify this existing practice and incorporate long standing federal consumer protections for insureds contained in 15 U.S. Code § 7001(c) including, but not limited to:
*affirmative consumer/insured consent that demonstrates the consumer/insured can access the electronic information in the form that will be used for delivery.
*prior to consent, the consumer/insured is provided with clear information regarding (1) their right to have notices sent in non-electronic form; (2) their right to withdraw such consent at any time and directions on how to withdraw consent; (3) their right to limit such consent to particular notices if so desired; and (4) the hardware and software requirements necessary to receive documents electronically.
*Hardware and software changes made after consent is received must be reported to the consumer/insured at which time consent can be revoked.
Legislative history
New bill.
Fiscal implications
None.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.