Bill Text: NY A05459 | 2009-2010 | General Assembly | Introduced

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Bill Title: An act to amend the banking law, in relation to establishing the New York state money transmission disclosure act

Spectrum: Partisan Bill (Democrat 25-1)

Status: (Introduced - Dead) 2010-01-06 - referred to banks [A05459 Detail]

Download: New_York-2009-A05459-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5459
                              2009-2010 Regular Sessions
                                 I N  A S S E M B L Y
                                   February 13, 2009
                                      ___________
       Introduced  by  M.  of  A.  TITUS,  GOTTFRIED, ESPAILLAT, PHEFFER, COOK,
         JEFFRIES, J. RIVERA, P. RIVERA, GREENE, BENJAMIN,  NOLAN,  BOYLAND  --
         Multi-Sponsored  by  --  M.  of A.   ALESSI, ALFANO, CARROZZA, COLTON,
         DIAZ, FARRELL,  HEASTIE,  HOOPER,  JACOBS,  JOHN,  V. LOPEZ,  MILLMAN,
         PEOPLES, ROBINSON, SCARBOROUGH, TOWNS -- 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    S 2. The banking law is amended by adding a new section 651-c to  read
    4  as follows:
    5    S 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.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07582-01-9
       A. 5459                             2
    1    S 3. This act shall take effect on the ninetieth day  after  it  shall
    2  have  become  a  law; provided, however, that effective immediately, the
    3  addition, amendment and/or repeal of any rule  or  regulation  necessary
    4  for  the  implementation of this act on its effective date is authorized
    5  and  directed to be made and completed by the superintendent of banks on
    6  or before such effective date.