New York S08408 imposes civil penalties on individuals conducting activities requiring a license from the superintendent of financial services.

New York S08408 amends the financial services law to establish civil penalties for individuals engaging in activities requiring a license or authorization from the superintendent of financial services. This applies to activities governed by the banking law or financial services law, regardless of whether the individual holds the necessary license. The superintendent can issue an order for restitution after a hearing. The penalty for a prohibited unlicensed act is determined based on the severity of the violation, with potential doubling if consumer harm results.

New York S08408 imposes civil penalties on individuals conducting activities requiring a license from the superintendent of financial services.

New York S08408 amends the financial services law to establish civil penalties for individuals engaging in activities requiring a license or authorization from the superintendent of financial services. This applies to activities governed by the banking law or financial services law, regardless of whether the individual holds the necessary license. The superintendent can issue an order for restitution after a hearing. The penalty for a prohibited unlicensed act is determined based on the severity of the violation, with potential doubling if consumer harm results.