Rep. Clyde Vanel

Maddy summaryNew York State Bill A 9251 prohibits prediction market platforms from allowing New York residents to trade on specific types of events, including political elections, athletic competitions, deaths, and catastrophic incidents such as wars or natural disasters. The legislation defines these restricted categories in detail and explicitly bans "unlawful commodity" markets where the underlying activity violates state or federal law. Platforms that violate these restrictions face civil penalties ranging from $10,000 to $50,000 per violation, with fines increasing to twice the profits derived or $50,000 for prohibited market types. Additionally, providers who continue operating after a court order to cease operations in the state incur a penalty of $1 million per day, and the Attorney General is granted authority to enforce these rules and issue necessary regulations.

Maddy summaryThis bill, known as the New York Financial Data Rights Act, requires financial institutions in New York to provide consumers and small businesses with access to their financial data in a secure, electronic format that can be easily transferred to other systems. The law mandates that banks and other data providers must share specific account information, including transaction history, balances, and account details, without charging any fees for this data access or transfer. Financial institutions must also maintain standardized interfaces to handle these requests and cannot unreasonably deny access, while authorized third parties must obtain explicit consent and follow strict security and data usage rules. The bill is enforced by the New York Superintendent of Financial Services, who can impose penalties for violations including improper fee charging or unreasonable data access restrictions.

Enacts the "cannabis supply chain integrity and anti-inversion act"; prohibits any act or omission involving illicit cannabis; provides penalties for such cannabis inversion.

Relates to bans from online dating services based on content; requires retention of records where necessary to maintain enforcement of fraud bans or content bans; makes related provisions.

Requires certain disclosures by a developer of virtual tokens in advertisements involving such virtual tokens; provides restrictions concerning advertising.

Establishes visiting policies for incarcerated people, to provide incarcerated people opportunities for personal contact with relatives, friends, clergy, volunteers and other persons to promote better institutional adjustment and better community adjustment upon release.

Regulates the development and use of certain artificial intelligence systems to prevent algorithmic discrimination; requires independent audits of high risk AI systems; provides for enforcement by the attorney general.

Maddy summaryThis bill establishes a regulatory framework for crypto kiosks and cashier crypto exchanges within the state, requiring operators to obtain a license from the banking superintendent. It mandates clear disclosures to consumers regarding fees, exchange rates, and contact information, while also requiring specific warnings about potential scams before a transaction is completed. The legislation sets rules for transaction limits, fraud refunds, and anti-money laundering procedures, ensuring that operators maintain customer service standards and provide transaction receipts. Ultimately, the bill aims to bring digital currency exchanges under existing banking laws to protect consumers and prevent financial fraud.

Directs the department of financial services to conduct a study on the banking development district program and to make recommendations to improve such program.

Maddy summaryThis bill is a commemorative resolution that formally recognizes the 50th anniversary of the New York Aviation Management Association. It does not change any laws or policies but instead expresses the state legislature's appreciation for the organization's contributions to New York's aviation industry and economic growth. The resolution acknowledges the association's history since 1976, its role in supporting airports, and its assistance during major events like the 9/11 attacks and the COVID-19 pandemic. A copy of the resolution will be sent to the association to mark this milestone.