Bill Text: NY S04934 | 2019-2020 | General Assembly | Introduced


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 1-0)

Status: (Introduced) 2019-03-29 - REFERRED TO BANKS [S04934 Detail]

Download: New_York-2019-S04934-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          4934
                               2019-2020 Regular Sessions
                    IN SENATE
                                     March 29, 2019
                                       ___________
        Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
          printed to be committed 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. Effective immediately, the addition, amendment and/or
    24  repeal of any rule or regulation necessary  for  the  implementation  of
    25  this  act  on its effective date are authorized to be made and completed
    26  on or before such effective date.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07735-01-9
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