STATE OF NEW YORK ________________________________________________________________________ 3459 2025-2026 Regular Sessions IN ASSEMBLY January 27, 2025 ___________ Introduced by M. of A. LAVINE, BURDICK, SAYEGH -- read once and referred to the Committee on Banks AN ACT to amend the financial services law, in relation to civil penal- ties for certain fraud or misrepresentation of a material fact with respect to a financial product or service The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subparagraph (A) of paragraph 1 of subsection (a) of 2 section 408 of the financial services law is amended to read as follows: 3 (A) any [intentional] fraud or [intentional] misrepresentation of a 4 material fact with respect to a financial product or service or involv- 5 ing any person offering to provide or providing financial products or 6 services; or 7 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD05052-01-5