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New YorkS 84082025-2026 Regular SessionSenateWALLET

Relates to prohibited unlicensed activities

Sponsored By: Liz Krueger (Democratic)

Became Law

RULESWAYS AND MEANS

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 0 benefits, 2 costs, 1 mixed.

Financial regulator fines become judgments

A civil penalty decision can become a money judgment 120 days after it takes effect. It is then enforced like a court judgment, without a new court case. Penalty money collected is handled the same way as existing section 408 penalties.

Unlicensed finance faces tougher penalties

The law bans doing financial services work that needs a license without one, unless an exemption applies. After notice and a hearing, the Department can fine violators at the same levels used for Banking Law and Financial Services Law violations. It cannot stack duplicate fines for the same act. If consumers are harmed, the fine can be up to double. The Department can also order restitution to pay back harmed people.

Stronger financial investigations and fair hearings

The Superintendent can investigate suspected violations and gather evidence under the Financial Services, Banking, and Insurance laws. Hearings follow the State Administrative Procedure Act. The hearing officer can swear in witnesses, take evidence, and report findings. When a violation is found, the Department reports it to licensing officials and prosecutors, and they must give a status update within 120 days.

Sponsors & Cosponsors

Sponsor

  • Liz Krueger

    Democratic • Senate

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 79 • No: 0

committee vote • 6/12/2025

Rules Committee Vote

Yes: 20 • No: 0

Senate vote • 6/12/2025

FLOOR Vote

Yes: 59 • No: 0

Actions Timeline

  1. SIGNED CHAP.610

    12/5/2025Senate

  2. DELIVERED TO GOVERNOR

    12/1/2025Senate

  3. RETURNED TO SENATE

    6/13/2025House

  4. PASSED ASSEMBLY

    6/13/2025House

  5. ORDERED TO THIRD READING RULES CAL.696

    6/13/2025House

  6. SUBSTITUTED FOR A8804

    6/13/2025House

  7. REFERRED TO WAYS AND MEANS

    6/12/2025House

  8. DELIVERED TO ASSEMBLY

    6/12/2025Senate

  9. PASSED SENATE

    6/12/2025Senate

  10. ORDERED TO THIRD READING CAL.1945

    6/12/2025Senate

  11. REFERRED TO RULES

    6/9/2025Senate

Bill Text

  • Original

    6/9/2025

    PDF

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