Allows the Department of Financial Services to oversee banks and insurance companies not licensed in New York; sets penalties for violations.

The bill amends the financial services law to allow the Department of Financial Services to oversee banks and insurance companies not licensed in New York. It defines "prohibited unlicensed act" and sets penalties for such acts, including doubling the penalty if consumer harm results. The superintendent can levy civil penalties for unlicensed activities, and violations can be reported to appropriate authorities. The act takes effect immediately.

Allows the Department of Financial Services to oversee banks and insurance companies not licensed in New York; sets penalties for violations.

The bill amends the financial services law to allow the Department of Financial Services to oversee banks and insurance companies not licensed in New York. It defines "prohibited unlicensed act" and sets penalties for such acts, including doubling the penalty if consumer harm results. The superintendent can levy civil penalties for unlicensed activities, and violations can be reported to appropriate authorities. The act takes effect immediately.