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A 3459

Relates to civil penalties for certain fraud or misrepresentation of a material fact with respect to a financial product or service

2025 Regular Session Introduced by Chris Burdick and 2 co-sponsors

Bill A 3459 imposes civil penalties for fraud in financial services, enhancing consumer protection and ensuring accountability in the financial sector.

REPORTED REFERRED TO RULES
0
WeVote Research Nonpartisan
Bill Summary · A 3459

Summary of Bill A 3459

Bill Overview

  • Bill Number: A 3459
  • Title: Relates to civil penalties for certain fraud or misrepresentation of a material fact with respect to a financial product or service
  • Status: Reported and referred to Codes
  • Introduced: January 27, 2025
  • Classification: Bill

Purpose and Intent

Bill A 3459 aims to strengthen consumer protection by imposing civil penalties on individuals or entities that commit fraud or misrepresentation regarding financial products or services. The legislation seeks to deter fraudulent activities in the financial sector, thereby enhancing the integrity of financial transactions and protecting consumers from deceptive practices.

Key Provisions

  • Civil Penalties: The bill establishes specific civil penalties for fraudulent actions or misrepresentations related to financial products or services.
  • Definition of Fraud: It defines what constitutes fraud or misrepresentation, focusing on material facts that could influence a consumer's decision.
  • Enforcement Mechanism: The bill outlines the process for enforcement, including how penalties will be assessed and collected.
  • Consumer Protection Measures: It includes provisions aimed at improving transparency and accountability in the financial services industry.

Affected Parties

  • Consumers: Individuals seeking financial products or services will benefit from enhanced protections against fraud.
  • Financial Institutions: Banks, credit unions, and other financial service providers will be subject to stricter regulations and potential penalties for fraudulent practices.
  • Regulatory Bodies: Agencies responsible for overseeing financial services will have increased authority to enforce compliance with the new regulations.

Legislative Timeline

  • January 27, 2025: Bill A 3459 was introduced and referred to the Banks Committee.
  • May 14, 2025: The bill was amended and recommitted to the Banks Committee, followed by the printing of version 3459A.
  • May 19, 2025: The bill was reported and referred to the Codes Committee for further consideration.

Related Legislation

  • A 7814: A related bill from the prior session that may address similar issues in consumer protection.
  • S 3789: A companion bill in the Senate that parallels the provisions of A 3459, indicating a broader legislative effort to tackle fraud in financial services.

Conclusion

Bill A 3459 represents a significant step towards enhancing consumer protection in the financial sector by imposing civil penalties for fraudulent activities. Its successful passage could lead to a more transparent and accountable financial services environment, ultimately benefiting consumers and maintaining the integrity of financial markets.

Compiled from official sources — confirm details with the bill’s official record.

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