New York A08804 amends the financial services law to impose civil penalties on unlicensed financial activities.

New York A08804 amends the financial services law to impose civil penalties on persons engaged in activities requiring a license or authorization from the superintendent of financial services. The bill defines "prohibited unlicensed act" and sets penalties for such acts. The superintendent may levy penalties after notice and a hearing, with the penalty amount depending on the nature of the act and whether it results in consumer harm. The bill also allows the superintendent to order restitution for unlicensed acts.

New York A08804 amends the financial services law to impose civil penalties on unlicensed financial activities.

New York A08804 amends the financial services law to impose civil penalties on persons engaged in activities requiring a license or authorization from the superintendent of financial services. The bill defines "prohibited unlicensed act" and sets penalties for such acts. The superintendent may levy penalties after notice and a hearing, with the penalty amount depending on the nature of the act and whether it results in consumer harm. The bill also allows the superintendent to order restitution for unlicensed acts.