Prohibits the inclusion of a confession of judgment in contracts for financial products or services.

New York S03695 amends the general business law to prohibit the inclusion of a confession of judgment in any contract or agreement for a financial product or service. This means that financial product or service providers cannot require customers to agree to a confession of judgment as part of their contracts. The bill defines "financial product or service" as any financial product or service offered or provided by a person regulated by the superintendent of financial services, or offered or sold to consumers, excluding those regulated under exclusive state jurisdiction or securities.

Prohibits the inclusion of a confession of judgment in contracts for financial products or services.

New York S03695 amends the general business law to prohibit the inclusion of a confession of judgment in any contract or agreement for a financial product or service. This means that financial product or service providers cannot require customers to agree to a confession of judgment as part of their contracts. The bill defines "financial product or service" as any financial product or service offered or provided by a person regulated by the superintendent of financial services, or offered or sold to consumers, excluding those regulated under exclusive state jurisdiction or securities.