Title FIS, Financial Services Law

§ 1001. Definitions. As used in this article, the following terms shall have the following meanings: (a) "Advertise" means publishing or disseminating any written, oral, electronic or printed communication or any communication by means of recorded telephone messages or transmitt…

§ 1002. Contract requirements; right of rescission. (a) All litigation funding contracts shall meet the following requirements: (i) a contract shall be written in a clear and coherent manner using words with common, everyday meanings to enable the average consumer who makes a re…

§ 1003. Prohibitions and charge limitations. Litigation funding companies shall be prohibited from: (a) paying or offering to pay commissions, referral fees, or any other form of consideration to any attorney, law firm, medical provider, chiropractor or physical therapist or any…

§ 1004. Payment of charges. A consumer may only be required to pay charges to a litigation funding company when the resolution of any of the consumer's legal claims subject to a contract is final, related appeals, if any, have been resolved, and proceeds of the settlement, judgm…

§ 1005. Disclosures. All litigation funding contracts shall contain the disclosures specified in this section, which shall constitute material terms of the contract. Unless otherwise specified, such disclosures shall be typed in at least twelve point bold type font and be placed…

§ 1006. Violations. (a) Any litigation funding company found in willful violation of any provision of this article in a specific funding case: (i) waives its right to recover the charges, as defined in subsection (b) of section one thousand one of this article, in that particula…

§ 1007. Assignability; liens. (a) The contingent right to receive an amount of the potential proceeds of a legal claim is assignable by a consumer and/or litigation funding company. (b) Only attorney's liens related to the legal claim which is the subject of the litigation fundi…

§ 1008. Effect of communication on privileges. All communications between the consumer's attorney in the legal claim and the litigation funding company as it pertains to the legal claim that is subject to the litigation funding contract shall not constitute a waiver of any privi…

§ 1009. Registration. (a) Except as provided in this section, no person may engage in litigation funding in this state without being registered with the department. The registration requirement shall not apply to a banking organization as defined in subdivision eleven of section…

§ 101. Short title. This chapter shall be known and may be cited as the "financial services law".

§ 101-a. Legislative findings and determinations. The legislature finds and determines that the banking, insurance and financial services industries constitute a critical sector of New York state's economy. The legislature also finds and determines that responsive, effective, in…

§ 1010. Reporting. (a) Beginning in two thousand twenty-seven, each litigation funding company that engages in business in this state shall submit an annual report to the department in a form and manner determined by the department no later than the thirty-first day of January o…

§ 1011. Severability. If any provision of this article is, for any reason, declared unconstitutional or invalid, in whole or in part, by any court of competent jurisdiction, such portion shall be deemed severable, and such unconstitutionality or invalidity shall not affect the v…

§ 102. Department of financial services. The legislature hereby declares that the purpose of this chapter is to consolidate the departments of insurance and banking, and provide for the enforcement of the insurance, banking and financial services laws, under the auspices of a si…

§ 103. Explanation of order of provisions. In this financial services law, the provisions have been divided in descending order of application, with illustrations, as follows: Article 1 Section 101 Subsection (a) Paragraph (1) Subparagraph (A) Item (i) Clause (I) Subitem (aa) Su…

§ 104. Definitions. (a) In this chapter, unless the context otherwise requires: (1) "Department" shall mean the department of financial services. (2) "Financial product or service" shall mean: (A) any financial product or financial service offered or provided by any person regul…

§ 201. Declaration of policy. (a) It is the intent of the legislature that the superintendent shall supervise the business of, and the persons providing, financial products and services, including any persons subject to the provisions of the insurance law and the banking law. (b…

§ 202. Superintendent. (a) The head of the department shall be the superintendent of financial services, who shall be appointed by the governor, by and with the advice and consent of the senate, and who shall hold office at the pleasure of the governor. The superintendent shall …

§ 203. Deputies; employees. (a) The superintendent shall appoint a deputy for insurance who shall be the head of the insurance division and a deputy for banking who shall be the head of the banking division. The superintendent may appoint such other deputies as the superintenden…

§ 204. Offices of the department. Suitable offices for conducting the business of the department shall be located in the cities of Albany and New York, and such other cities as the superintendent deems necessary. Necessary additional office, filing and storage space that cannot …

§ 205. Bureaus. The superintendent shall establish an insurance division and a banking division. The superintendent may establish such other bureaus, divisions, and other units within the department as may be necessary for the administration and operation of the department and t…

§ 205-a. Report. The governor shall by June thirtieth, two thousand eleven, create a working group to examine ways to improve the efficiency and effectiveness of banking regulation and insurance regulation, including opportunities to integrate certain regulatory activities presc…

* § 205-b. State charter advisory board. There shall be within the department a state charter advisory board to work with the superintendent in retaining state chartered banking institutions, encouraging federally chartered institutions to convert to a state charter and promotin…

§ 206. Assessments to defray operating expenses of the department. (a) For each fiscal year commencing on or after April first, two thousand twelve, assessments to defray operating expenses, including all direct and indirect costs, of the department, except expenses incurred in …

§ 207. Annual report of the superintendent. (a) The superintendent shall submit a report annually to the governor and to the legislature on or before the fifteenth day of June. The report shall contain the following items, with respect to the preceding calendar year: (1) a gener…

§ 301. Powers of the superintendent. (a) The superintendent shall have such powers as are conferred upon the superintendent by this chapter, the banking law, the insurance law or any other law of this state. (b) The superintendent shall have the power to conduct investigations, …

§ 302. Regulations by superintendent. (a) The superintendent shall have the power to prescribe and from time to time withdraw or amend, in writing, rules and regulations and issue orders and guidance involving financial products and services, not inconsistent with the provisions…

§ 303. Orders of superintendent; when writing required. Whenever by any provision of this chapter, the insurance law, the banking law or any other applicable law the superintendent is authorized to grant any approval, authorization or permission or to make any other order or det…

§ 304. Notice; how given. (a) (1) Except when other notice is required by law, whenever the provisions of this chapter, the insurance law, the banking law or any other applicable law require the superintendent to give notice to any person of any authorized action or proposed act…

§ 304-a. Actions of the department subject to the state administrative procedure act. Unless otherwise specifically exempted in this chapter, all rule making and adjudicatory proceedings shall be made in accordance and consistent with the provisions of the state administrative p…

§ 305. Hearings; conduct; findings and report. (a) Unless otherwise provided in this chapter, the banking law, the insurance law or any other law, any hearing pursuant to any such law may be held before the superintendent, any deputy superintendent, or any designated salaried em…

§ 306. Attendance of witnesses; production of documents and records. (a) The superintendent or the person authorized by the superintendent to conduct a hearing or investigation shall have power to subpoena witnesses, compel the attendance of witnesses, administer oaths, examine …

§ 308. Judicial review of orders, regulations and decisions of superintendent. (a) Notwithstanding the specific enumerations of the right to judicial review in this chapter, the insurance law or the banking law, any order, regulation or decision of the superintendent is declared…

§ 309. Injunction to restrain violation of this chapter. (a) In addition to such other remedies as are provided under this chapter, the superintendent may maintain and prosecute an action against any person subject to this chapter, the insurance law or the banking law, or the pe…

§ 310. Certificates as evidence; affirmation of documents and testimony. (a) Every certificate, assignment, conveyance or other paper executed by the superintendent or one of the superintendent's deputies pursuant to law and sealed with the official seal of the department shall …

§ 311. Financial literacy education. (a) Any youth participating in the summer youth employment program, as defined in subdivision (c) of this section, shall be provided with financial literacy education. (b) The financial literacy education shall be developed and provided in ac…

§ 402. Legislative declaration. The legislature hereby finds and declares that financial frauds take many forms across multiple industries. The legislature further finds that financial fraud is detrimental to the social and economic well-being of the citizens of this state. In o…

§ 403. Financial frauds and consumer protection unit. (a) The superintendent shall establish a financial frauds and consumer protection unit in the department of financial services. (b) The financial frauds and consumer protection unit shall be a qualified agency, as defined in …

§ 404. Powers of the financial frauds and consumer protection unit. (a) The superintendent has authority under this article, the banking law, the insurance law and other applicable laws to investigate activities that may constitute violations subject to section four hundred eigh…

§ 405. Immunity. In the absence of fraud or bad faith, no person subject to the provisions of this chapter, the banking law or the insurance law shall be subject to civil liability, and no civil cause of action of any nature shall arise against such person for any: (a) informati…

§ 406. Other law enforcement authority, powers and duties not affected or impaired. This article shall not: (a) Preempt the authority or relieve the duty of other law enforcement agencies to investigate and prosecute suspected violations of law; (b) Prevent or prohibit a person …

§ 408. Civil penalty. (a) In addition to any civil or criminal liability provided by law, the superintendent may, after notice and hearing, levy a civil penalty: (1) not to exceed five thousand dollars per offense, for: (A) any intentional fraud or intentional misrepresentation …

§ 408-a. Unlicensed activities prohibited. (a) For the purposes of this section, a "prohibited unlicensed act" shall mean: (1) engaging in an activity in this state for which a license, certification, registration, authorization, charter, accreditation or incorporation is requir…

§ 409. Reports. (a) Whenever the superintendent is satisfied that a violation subject to section four hundred eight or four hundred eight-a of this article or fraud or other criminal activity under the insurance law or banking law has been committed or attempted, the superintend…

§ 501. Restrictions on officers and employees of the department; penalty. (a) No officer or employee of the department shall obtain a loan or extension of credit from any regulated person or be interested in any such regulated person as a director, partner, owner, officer, attor…

§ 601. Dispute resolution process established. The superintendent shall establish a dispute resolution process by which a dispute for a bill for emergency services or a surprise bill may be resolved. The superintendent shall have the power to grant and revoke certifications of i…

§ 602. Applicability. This article shall not apply to health care services, including emergency services, where physician fees are subject to schedules or other monetary limitations under any other law, including the workers' compensation law and article fifty-one of the insuran…

§ 603. Definitions. For the purposes of this article: (a) "Emergency condition" means a medical or behavioral condition that manifests itself by acute symptoms of sufficient severity, including severe pain, such that a prudent layperson, possessing an average knowledge of medici…

* § 604. Criteria for determining a reasonable fee. In determining the\nappropriate amount to pay for a health care service, an independent\ndispute resolution entity shall consider all relevant factors,\nincluding:\n (a) whether there is a gross disparity between the fee charge…

§ 605. Dispute resolution for emergency services. (a) Emergency\nservices for an insured. * (1) When a health care plan receives a bill\nfor emergency services from a non-participating provider, including a\nbill for inpatient services which follow an emergency room visit, the\n…