Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2010 |
referred to banks |
Feb 09, 2009 |
referred to banks |
Senate Bill S1868
2009-2010 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - In Senate Committee Banks Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2009-S1868 (ACTIVE) - Details
- Current Committee:
- Senate Banks
- Law Section:
- Banking Law
- Laws Affected:
- Amd §671, Bank L
2009-S1868 (ACTIVE) - Sponsor Memo
BILL NUMBER: S1868 TITLE OF BILL : An act to amend the banking law, in relation to false statements or rumors as to financial institutions PURPOSE OR GENERAL IDEA OF BILL : Relates to false statements or rumors as to financial institutions and creates another class of crime. SUMMARY OF SPECIFIC PROVISIONS : Amends section 671 of the banking law, as added by chapter 1031 of the laws of 1965, relating to circulation or transmission of false statements or rumors as to financial institutions. Raises such statements to an A misdemeanor, or an E felony in the case of repeat offenders or where false statements undermine the solvency of the institution JUSTIFICATION : Attempts to manipulate securities prices by spreading false information can wreak havoc on targeted companies, but when such an attack is targeted at a bank or financial institution, it can undermine the stability of the entire financial market and create the kind of panic that modem banking and securities laws are designed to prevent The U.S. Securities and Exchange Commission is currently
2009-S1868 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1868 2009-2010 Regular Sessions I N S E N A T E February 9, 2009 ___________ Introduced by Sen. KLEIN -- read twice and ordered printed, and when printed to be committed to the Committee on Banks AN ACT to amend the banking law, in relation to false statements or rumors as to financial institutions THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 671 of the banking law, as added by chapter 1031 of the laws of 1965, is amended to read as follows: S 671. False statements or rumors as to [banking] FINANCIAL insti- tutions. 1. Any person who wilfully and knowingly makes, circulates or transmits to another or others any statement or rumor, written, printed or by word of mouth, which is untrue in fact and is directly or by inference derogatory to the financial condition or [effects] AFFECTS the solvency or financial standing of any bank, private banker, savings bank, banking association, building and loan association, INVESTMENT BANK or trust company doing business in this state, or who knowingly counsels, aids, procures or induces another to start, transmit or circu- late any such statement or rumor, is guilty of a CLASS A misdemeanor. 2. ANY PERSON WHO WILFULLY AND KNOWINGLY MAKES, CIRCULATES OR TRANS- MITS TO ANOTHER OR OTHERS ANY STATEMENT OR RUMOR, WRITTEN, PRINTED OR BY WORD OF MOUTH, WHICH IS UNTRUE IN FACT AND IS DIRECTLY OR BY INFERENCE DEROGATORY TO THE FINANCIAL CONDITION OR AFFECTS THE SOLVENCY OR FINAN- CIAL STANDING OF ANY BANK, PRIVATE BANKER, SAVINGS BANK, BANKING ASSOCI- ATION, BUILDING AND LOAN ASSOCIATION, INVESTMENT BANK OR TRUST COMPANY DOING BUSINESS IN THIS STATE, OR WHO KNOWINGLY COUNSELS, AIDS, PROCURES OR INDUCES ANOTHER TO START, TRANSMIT OR CIRCULATE ANY SUCH STATEMENT OR RUMOR WHERE THE FALSE STATEMENTS DIRECTLY IMPERIL THE SOLVENCY OF THE AFORESAID PARTIES OR WHERE THE CONDUCT IS COMMITTED BY A PERSON WHO HAS BEEN PREVIOUSLY CONVICTED OF A VIOLATION OF THIS SECTION, IS GUILTY OF A CLASS E FELONY. S 2. This act shall take effect on the first of November next succeed- ing the date on which it shall have become a law. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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