New York Assembly Bill A06937 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 6937 2025-2026 Regular Sessions  IN ASSEMBLY March 18, 2025 ___________ Introduced by M. of A. VANEL -- read once and referred to the Committee on Racing and Wagering AN ACT to amend the racing, pari-mutuel wagering and breeding law, in relation to prohibiting reversible withdrawals The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The racing, pari-mutuel wagering and breeding law is 2 amended by adding a new section 1368 to read as follows: 3 § 1368. Reversible withdrawals prohibited. 1. All withdrawal trans- 4 actions made through a service provided by an entity licensed under this 5 chapter shall be irreversible by the withdrawing consumer, the licensee 6 or another at the consumer's request. 7 2. Any licensee which violates the provisions of this section shall 8 incur a civil penalty of ten thousand dollars per day such withdrawals 9 are permitted to be withdrawn. Where the commission determines that a 10 licensed entity has engaged in a persistent course of conduct in 11 violation of this section, such licensee shall incur a civil penalty not 12 to exceed twenty-five thousand dollars per day such withdrawals are 13 permitted to be withdrawn. 14 3. Any provision in a contract between a person and an entity which 15 eliminates or augments a person's rights with respect to the provisions 16 of this section shall be void. 17 § 2. This act shall take effect on the ninetieth day after it shall 18 have become a law. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10860-01-5