Title FIS, Financial Services Law

§ 1001. Definitions. As used in this article, the following terms\nshall have the following meanings:\n (a) "Advertise" means publishing or disseminating any written, oral,\nelectronic or printed communication or any communication by means of\nrecorded telephone messages or tran…

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

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

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

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

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

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

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

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

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

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

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

§ 1011. Severability. If any provision of this article is, for any\nreason, declared unconstitutional or invalid, in whole or in part, by\nany court of competent jurisdiction, such portion shall be deemed\nseverable, and such unconstitutionality or invalidity shall not affect\nt…

§ 102. Department of financial services. The legislature hereby\ndeclares that the purpose of this chapter is to consolidate the\ndepartments of insurance and banking, and provide for the enforcement of\nthe insurance, banking and financial services laws, under the auspices\nof …

§ 103. Explanation of order of provisions. In this financial services\nlaw, the provisions have been divided in descending order of\napplication, with illustrations, as follows:\nArticle 1\n Section 101\n Subsection (a)\n Paragraph (1)\n Subparagraph (A)\n Item (i)\n Clause (I)\…

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

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

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

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

§ 204. Offices of the department. Suitable offices for conducting the\nbusiness of the department shall be located in the cities of Albany and\nNew York, and such other cities as the superintendent deems necessary.\nNecessary additional office, filing and storage space that cann…

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

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

* § 205-b. State charter advisory board. There shall be within the\ndepartment a state charter advisory board to work with the\nsuperintendent in retaining state chartered banking institutions,\nencouraging federally chartered institutions to convert to a state\ncharter and prom…

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

§ 207. Annual report of the superintendent. (a) The superintendent\nshall submit a report annually to the governor and to the legislature on\nor before the fifteenth day of June. The report shall contain the\nfollowing items, with respect to the preceding calendar year:\n (1) a …

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

§ 302. Regulations by superintendent. (a) The superintendent shall\nhave the power to prescribe and from time to time withdraw or amend, in\nwriting, rules and regulations and issue orders and guidance involving\nfinancial products and services, not inconsistent with the provisi…

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

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

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

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

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

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

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

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

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

§ 402. Legislative declaration. The legislature hereby finds and\ndeclares that financial frauds take many forms across multiple\nindustries. The legislature further finds that financial fraud is\ndetrimental to the social and economic well-being of the citizens of\nthis state. …

§ 403. Financial frauds and consumer protection unit. (a) The\nsuperintendent shall establish a financial frauds and consumer\nprotection unit in the department of financial services.\n (b) The financial frauds and consumer protection unit shall be a\nqualified agency, as define…

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

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

§ 406. Other law enforcement authority, powers and duties not affected\nor impaired. This article shall not:\n (a) Preempt the authority or relieve the duty of other law enforcement\nagencies to investigate and prosecute suspected violations of law;\n (b) Prevent or prohibit a p…

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

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

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

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

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

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

§ 603. Definitions. For the purposes of this article:\n (a) "Emergency condition" means a medical or behavioral condition that\nmanifests itself by acute symptoms of sufficient severity, including\nsevere pain, such that a prudent layperson, possessing an average\nknowledge of m…

* § 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…