Bill Text: NY A05176 | 2017-2018 | General Assembly | Introduced

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Bill Title: Enacts the New York state money transmission disclosure act; requires each licensee providing a transmission transaction which involves currency of one country into the currency of another country to provide the customer with a written disclosure; authorizes the superintendent of financial services to implement any necessary rules and regulations.

Spectrum: Partisan Bill (Democrat 7-0)

Status: (Introduced - Dead) 2018-01-03 - referred to banks [A05176 Detail]

Download: New_York-2017-A05176-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          5176
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                    February 6, 2017
                                       ___________
        Introduced  by  M. of A. TITUS, GOTTFRIED, COOK, RIVERA, NOLAN -- Multi-
          Sponsored by -- M. of A. COLTON, FARRELL,  HOOPER  --  read  once  and
          referred to the Committee on Banks
        AN  ACT  to  amend  the banking law, in relation to establishing the New
          York state money transmission disclosure act
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Short  title. This act shall be known and may be cited as
     2  the "New York state money transmission disclosure act".
     3    § 2. The banking law is amended by adding a new section 651-c to  read
     4  as follows:
     5    § 651-c. Written disclosures. Each licensee, or such licensee's desig-
     6  nated  agents  and subagents, providing a transmission transaction which
     7  involves, or is connected with the exchange of currency of  one  country
     8  into  the  currency of another country shall provide the customer with a
     9  written disclosure, prior to the time that the  customer  pays  for  the
    10  transaction,  which  shall clearly include all of the following informa-
    11  tion:
    12    1. The total amount of currency in United States dollars presented  by
    13  the customer;
    14    2. The rate of exchange applied to each particular transaction;
    15    3. The amount of commissions and fees in United States dollars charged
    16  by  the  licensee which shall include, but not be limited to, conversion
    17  fees, fees based on the destination of the money, and all other process-
    18  ing fees; and
    19    4. The total amount of currency to be  delivered  to  the  beneficiary
    20  designated  by the customer in United States dollars and the currency of
    21  the foreign destination.
    22    § 3. This act shall take effect on the ninetieth day  after  it  shall
    23  have  become  a  law; provided, however, that effective immediately, the
    24  addition, amendment and/or repeal of any rule  or  regulation  necessary
    25  for  the  implementation of this act on its effective date is authorized
    26  and directed to be made and completed by the superintendent of financial
    27  services on or before such effective date.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02797-01-7