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

This bill modifies the financial services law to establish civil penalties for intentional fraud or misrepresentation of material facts regarding financial products or services. It directly affects individuals or entities offering or providing these financial products by clarifying that penalties apply specifically to intentional acts rather than negligence. The key provision amends the existing statute to explicitly include the word "intentional" before fraud and misrepresentation, ensuring that only deliberate deceptive practices trigger these penalties. The legislation is designed to take effect immediately upon passage to update the legal standards for financial misconduct.