§ 402 — Legislative declaration

§ 402. Legislative declaration. The legislature hereby finds and\ndeclares that financial frauds take many forms across multiple\nindustries. The legislature further finds that financial fraud is\ndetrimental to the social and economic well-being of the citizens of\nthis state. In order to more thoroughly uncover, investigate and\neliminate the myriad financial frauds that may be perpetrated in, and\nmay involve the people of, New York state, the legislature finds that it\nis appropriate that the responsibilities of the insurance frauds bureau\nand the criminal investigations bureau that were administered by the\ndepartment of insurance and the department of banking, respectively,\nprior to the enactment of this article, be consolidated into a new\nfinancial frauds and consumer protection unit under the supervision of\nthe superintendent.\n