S T A T E   O F   N E W   Y O R K
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                                  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:

  Section  1.  Short  title. This act shall be known and may be cited as
the "New York state money transmission disclosure act".
  S 2. The banking law is amended by adding a new section 651-c to  read
as follows:
  S 651-C. WRITTEN DISCLOSURES. EACH LICENSEE, OR SUCH LICENSEE'S DESIG-
NATED  AGENTS  AND SUBAGENTS, PROVIDING A TRANSMISSION TRANSACTION WHICH
INVOLVES, OR IS CONNECTED WITH THE EXCHANGE OF CURRENCY OF  ONE  COUNTRY
INTO  THE  CURRENCY OF ANOTHER COUNTRY SHALL PROVIDE THE CUSTOMER WITH A
WRITTEN DISCLOSURE, PRIOR TO THE TIME THAT THE  CUSTOMER  PAYS  FOR  THE
TRANSACTION,  WHICH  SHALL CLEARLY INCLUDE ALL OF THE FOLLOWING INFORMA-
TION:
  1. THE TOTAL AMOUNT OF CURRENCY IN UNITED STATES DOLLARS PRESENTED  BY
THE CUSTOMER;
  2. THE RATE OF EXCHANGE APPLIED TO EACH PARTICULAR TRANSACTION;
  3. THE AMOUNT OF COMMISSIONS AND FEES IN UNITED STATES DOLLARS CHARGED
BY  THE  LICENSEE WHICH SHALL INCLUDE, BUT NOT BE LIMITED TO, CONVERSION
FEES, FEES BASED ON THE DESTINATION OF THE MONEY, AND ALL OTHER PROCESS-
ING FEES; AND
  4. THE TOTAL AMOUNT OF CURRENCY TO BE  DELIVERED  TO  THE  BENEFICIARY
DESIGNATED  BY THE CUSTOMER IN UNITED STATES DOLLARS AND THE CURRENCY OF
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

  S 3. This act shall take effect on the ninetieth day  after  it  shall
have  become  a  law; provided, however, that effective immediately, the
addition, amendment and/or repeal of any rule  or  regulation  necessary
for  the  implementation of this act on its effective date is authorized
and  directed to be made and completed by the superintendent of banks on
or before such effective date.