New York governor Kathy Hochul signed legislation on Friday aimed at holding large AI developers accountable for the safety of their models. The RAISE Act establishes rules for greater transparency, requiring these companies to publish information about their safety protocols and report any incidents within 72 hours of their occurrence. It comes a few months after California adopted similar legislation.

But, the penalties aren’t going to be nearly as steep as they were initially presented when the bill passed back in June. While that version included fines of up to $10 million dollars for a company’s first violation and up to $30 million for subsequent violations, according to Politico, Hochul’s version sets the fines at up to $1 million for the first violation, and $3 million for any violations after that. In addition to the new reporting rules, a new oversight office dedicated to AI safety and transparency is being born out of the RAISE Act. This office will be part of the Department of Financial Services, and issue annual reports on its assessment of large AI developers.

Hochul signed two other pieces of AI legislation earlier in December that focused on the use of the technology in the entertainment industry. At the same time, President Trump has been pushing to curb states’ attempts at AI regulation, and signed an executive order this month calling for “a minimally burdensome national standard” instead.