§ 402. Legislative declaration. The legislature hereby finds and declares that financial frauds take many forms across multiple industries. The legislature further finds that financial fraud is detrimental to the social and economic well-being of the citizens of this state. In order to more thoroughly uncover, investigate and eliminate the myriad financial frauds that may […]
§ 403. Financial frauds and consumer protection unit. (a) The superintendent shall establish a financial frauds and consumer protection unit in the department of financial services. (b) The financial frauds and consumer protection unit shall be a qualified agency, as defined in section eight hundred thirty-five of the executive law, to enforce the provisions of […]
§ 404. Powers of the financial frauds and consumer protection unit. (a) The superintendent has authority under this article, the banking law, the insurance law and other applicable laws to investigate activities that may constitute violations subject to section four hundred eight of this article or violations of the insurance law or banking law and […]
§ 405. Immunity. In the absence of fraud or bad faith, no person subject to the provisions of this chapter, the banking law or the insurance law shall be subject to civil liability, and no civil cause of action of any nature shall arise against such person for any: (a) information relating to suspected violations […]
§ 406. Other law enforcement authority, powers and duties not affected or impaired. This article shall not: (a) Preempt the authority or relieve the duty of other law enforcement agencies to investigate and prosecute suspected violations of law; (b) Prevent or prohibit a person from voluntarily disclosing any information concerning violations of this article, the […]
§ 408. Civil penalty. (a) In addition to any civil or criminal liability provided by law, the superintendent may, after notice and hearing, levy a civil penalty: (1) not to exceed five thousand dollars per offense, for: (A) any intentional fraud or intentional misrepresentation of a material fact with respect to a financial product or […]
§ 409. Reports. (a) Whenever the superintendent is satisfied that a violation subject to section four hundred eight of this article or fraud or other criminal activity under the insurance law or banking law has been committed or attempted, the superintendent shall report any such violation of law, as the superintendent deems appropriate, to the […]
