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A8318Assembly2019-2020 SessionSame asS6536

Extend Fraud Lawsuit Deadlines

Official title

“Relates to the statute of limitations for certain crimes related to fraudulent practices”

Sponsor Robert C. CarrollAD-44+1 co-sponsorAffects Legal
Status
Assembly Floor Calendar
Impact
4/10
Low
Outcome
Companion signed

Bill progress

Signed via S6536

What's happening

This bill adds a new statute of limitations provision for attorney general actions related to securities fraud in New York.

Why it matters

  1. Empowers the New York Attorney General by explicitly allowing more time to bring legal actions related to securities fraud. , potentially increasing accountability for financial crimes that might otherwise go unpunished due to time constraints.

  2. Aligns civil statutes of limitations with the complex nature of securities fraud cases. , which often involve lengthy investigations and sophisticated schemes that can take years to uncover.

  3. Could increase deterrence and investor confidence. by signaling that the state can pursue wrongdoers even after a significant amount of time has passed, making it harder for fraudulent actors to evade justice through delay.

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Who cares

Headline styles

Extend Fraud Lawsuit Deadlines

Plain English, a few words. Used as the page title.

Sponsors

Primary sponsor
Robert C. Carroll

Assembly Member · Assembly District 44

Chair, Libraries and Education Technology

1 Co-sponsor

History

  1. Substituted by S6536
  2. Ordered to third reading rules cal.614
  3. Rules report cal.614
  4. Reported
  5. Reported referred to rules
  6. Reported referred to codes
  7. Referred to judiciary

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.

S6536Senate

Extend Fraud Lawsuit Deadlines

Signed by Governor · Sponsor Michael Gianaris

Impact 4 · LowSigned into law

Full text

1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗

STATE OF NEW YORK

8318

2019-2020 Regular Sessions

IN ASSEMBLY

June 13, 2019

Introduced by M. of A. CARROLL, DINOWITZ -- (at request of the Department of Law) -- read once and referred to the Committee on Judiciary

AN ACT to amend the civil practice law and rules, in relation to the statute of limitations for certain crimes related to fraudulent practices in respect to stocks, bonds and other securities

The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. Section 213 of the civil practice law and rules is amended by adding a new subdivision 9 to read as follows:

9. an action by the attorney general pursuant to article twenty-three-A of the general business law or subdivision twelve of section sixty-three of the executive law.

§ 2. This act shall take effect immediately.

EXPLANATION--Matter in italics (underscored) is new; matter in brackets

[ ] is old law to be omitted.

LBD11030-01-9

Reflowed for reading: line numbers and page breaks removed. Cite the official text.

Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.