N.Y. Financial Services Law Law 201 – Declaration of policy
§ 201. Declaration of policy. (a) It is the intent of the legislature that the superintendent shall supervise the business of, and the persons providing, financial products and services, including any persons subject to the provisions of the insurance law and the banking law.
Terms Used In N.Y. Financial Services Law Law 201
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Fraud: Intentional deception resulting in injury to another.
(b) The superintendent shall take such actions as the superintendent believes necessary to:
(1) foster the growth of the financial industry in New York and spur state economic development through judicious regulation and vigilant supervision;
(2) ensure the continued solvency, safety, soundness and prudent conduct of the providers of financial products and services;
(3) ensure fair, timely and equitable fulfillment of the financial obligations of such providers;
(4) protect users of financial products and services from financially impaired or insolvent providers of such services;
(5) encourage high standards of honesty, transparency, fair business practices and public responsibility;
(6) eliminate financial fraud, other criminal abuse and unethical conduct in the industry; and
(7) educate and protect users of financial products and services and ensure that users are provided with timely and understandable information to make responsible decisions about financial products and services.