Fraudulent life settlement act; defined · as in force on May 31, 2026
§ 176.40 Fraudulent life settlement act; defined.
A fraudulent life settlement act is committed by any person who, knowingly and with intent to defraud, presents, causes to be presented, or prepares with knowledge or belief that it will be presented to, or by, a life settlement provider, life settlement broker, life settlement intermediary, or any agent thereof, or to any owner any written statement or other physical evidence as part of, or in support of, an application for a life settlement contract, a claim for payment or other benefit under a life settlement contract, which the person knows to:
(1) contain materially false information concerning any material fact thereto; or
(2) conceal, for the purpose of misleading, information concerning any fact material thereto.
A person commits a fraudulent life settlement act by, knowingly and with intent to defraud, presenting, causing to be presented, or preparing (knowing or believing it will be presented) to or by a life settlement provider, broker, intermediary, or their agent, or to any owner, a written statement or other physical evidence supporting an application for a life settlement contract or a claim for payment or benefit under one, which the person knows:
Marked in the text: penalties, time limits, sums of money. Editorial emphasis added by this edition; it does not appear in the statute as enacted.
This provision appears in Volume 4 — The Court Clerk: Penal Law; Volume 1 — The Court Officer in Plain English; Volume 3 — The Court Officer: Penal Law; Volume 3 — Your Career: Penal Law in Plain English.