2023 New York Laws › FIS - Financial Services Law › Article 1 - General Provisions › 104 - Definitions.

§  104. Definitions. (a) In this chapter, unless the context otherwise
requires:
(1) "Department" shall mean the department of financial services.
(2) "Financial product or  service"  shall  mean:  (A)  any  financial
product or financial service offered or provided by any person regulated
or  required  to  be  regulated  by  the  superintendent pursuant to the
banking law or the insurance law or any  financial  product  or  service
offered  or sold to consumers except financial products or services: (i)
regulated under the  exclusive  jurisdiction  of  a  federal  agency  or
authority,  (ii)  regulated  for  the  purpose  of  consumer or investor
protection by any other state agency, state department or  state  public
authority,  or  (iii)  where  rules  or  regulations  promulgated by the
superintendent on such financial product or service would  be  preempted
by federal law; and
(B)  "Financial  product  or  service"  shall  also  not  include  the
following, when offered or provided by a provider of consumer  goods  or
services:
(i)  the  extension  of  credit  directly  to  a  consumer
exclusively for the purpose of enabling that consumer to  purchase  such
consumer  good  or service directly from the seller, (ii) the collection
of debt arising from such credit, or (iii) the  sale  or  conveyance  of
such debt that is delinquent or otherwise in default.
(2-a)  A  "financial  product  or service regulated for the purpose of
consumer or investor protection": (A) shall include (i) any  product  or
service for which registration or licensing is required or for which the
offeror  or  provider  is required to be registered or licensed by state
law, (ii) any product or service as to which provisions for consumer  or
investor  protection  are  specifically  set  forth  for such product or
service by state statute or regulation and (iii) securities, commodities
and real property subject to the provisions of article twenty-three-a of
the general business law, and (B) shall not include products or services
solely subject to other general laws or regulations for  the  protection
of consumers or investors.
(3)  "Person"  shall  mean  any  individual, partnership, corporation,
association or any other entity.
(4) "Regulated person" or "person regulated" shall mean any person (A)
operating under or required to operate under  a  license,  registration,
certificate or authorization under the insurance law or the banking law,
(B)  authorized,  accredited, chartered or incorporated or possessing or
required to possess other similar status under the insurance law or  the
banking  law,  or  (C)  regulated by the superintendent pursuant to this
chapter.
(5)  "Superintendent"  shall  mean  the  superintendent  of  financial
services of this state.
(b)  Whenever  the  terms  "include",  "including" or terms of similar
import appear in this chapter, unless the  context  requires  otherwise,
such  terms shall not be construed to imply the exclusion of any person,
class or thing not specifically included.
(c) A reference in this chapter to any other law or  statute  of  this
state,  or  of  any  other  jurisdiction,  means  such law or statute as
amended to the effective date of this chapter, and  unless  the  context
otherwise requires, as amended thereafter.