S T A T E O F N E W Y O R K
________________________________________________________________________
9462
I N A S S E M B L Y
March 5, 2012
___________
Introduced by M. of A. CASTRO -- read once and referred to the Committee
on Banks
AN ACT to amend the banking law and the general business law, in
relation to establishing a wire transfer fee on all wire transfers and
transmissions to foreign countries; and to amend the education law and
the state finance law, in relation to establishing the undocumented
student education fund
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The banking law is amended by adding a new section 9-v to
read as follows:
S 9-V. WIRE TRANSFER FEE. 1. EVERY ORGANIZATION UNDER THE SUPERVISION
OF THE DEPARTMENT SHALL COLLECT A FEE ON EACH TRANSACTION FOR AN AMOUNT
EQUAL TO .5 PERCENT OF THE TRANSACTION.
2. THE FEE PRESCRIBED BY SUBDIVISION ONE OF THIS SECTION SHALL BE
REMITTED QUARTERLY TO THE STATE COMPTROLLER FOR DEPOSIT INTO THE UNDOCU-
MENTED STUDENT EDUCATION FUND ESTABLISHED PURSUANT TO SECTION
NINETY-SEVEN-LLLL OF THE STATE FINANCE LAW. ALL REQUIRED FORMS AND
REMITTANCES SHALL BE FILED WITH THE DEPARTMENT OF TAXATION AND FINANCE
NOT LATER THAN THE FIFTEENTH DAY OF THE MONTH FOLLOWING THE CLOSE OF
EACH CALENDAR QUARTER.
3. FOR THE PURPOSES OF THIS SECTION, THE TERM "TRANSACTION" SHALL MEAN
THE WIRE TRANSFER OR OTHER TRANSMISSION OF MONEY FROM WITHIN THIS STATE
TO ANY FOREIGN COUNTRY.
S 2. Subdivision 4 of section 383 of the banking law, as amended by
chapter 360 of the laws of 1984, is amended to read as follows:
4. To receive money for transmission and to transmit such money,
SUBJECT TO SECTION NINE-V OF THIS CHAPTER, and to sell money orders and
travel checks as agent for any corporation, association or joint stock
company empowered to sell such instruments through agents in the state
of New York.
S 3. Paragraph (b) of subdivision 7 of section 454 of the banking law,
as added by chapter 679 of the laws of 2003, is amended to read as
follows:
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD14087-04-2
A. 9462 2
(b) To collect, receive and disburse funds, SUBJECT TO SECTION NINE-V
OF THIS CHAPTER, in connection with the issuance of negotiable checks,
money orders, travelers checks and other payment instruments to members,
and to charge a fee for such services;
S 4. The banking law is amended by adding a new section 641-a to read
as follows:
S 641-A. WIRE TRANSFER FEE. 1. EVERY LICENSEE SHALL COLLECT A FEE ON
EACH TRANSACTION FOR AN AMOUNT EQUAL TO .5 PERCENT OF THE TRANSACTION.
2. THE FEE PRESCRIBED BY SUBDIVISION ONE OF THIS SECTION SHALL BE
REMITTED QUARTERLY TO THE STATE COMPTROLLER FOR DEPOSIT INTO THE UNDOCU-
MENTED STUDENT EDUCATION FUND ESTABLISHED PURSUANT TO SECTION
NINETY-SEVEN-LLLL OF THE STATE FINANCE LAW. ALL REQUIRED FORMS AND
REMITTANCES SHALL BE FILED WITH THE DEPARTMENT OF TAXATION AND FINANCE
NOT LATER THAN THE FIFTEENTH DAY OF THE MONTH FOLLOWING THE CLOSE OF
EACH CALENDAR QUARTER.
3. FOR THE PURPOSES OF THIS SECTION, THE TERM "TRANSACTION" SHALL MEAN
THE WIRE TRANSFER OR OTHER TRANSMISSION OF MONEY FROM WITHIN THIS STATE
TO ANY FOREIGN COUNTRY.
S 5. The general business law is amended by adding a new section 165-a
to read as follows:
S 165-A. TRANSACTION FEE. 1. EVERY AGENT SHALL COLLECT A FEE ON EACH
TRANSACTION FOR AN AMOUNT EQUAL TO .5 PERCENT OF THE TRANSACTION.
2. THE FEE PRESCRIBED BY SUBDIVISION ONE OF THIS SECTION SHALL BE
REMITTED QUARTERLY TO THE STATE COMPTROLLER FOR DEPOSIT INTO THE UNDOCU-
MENTED STUDENT EDUCATION FUND ESTABLISHED PURSUANT TO SECTION
NINETY-SEVEN-LLLL OF THE STATE FINANCE LAW. ALL REQUIRED FORMS AND
REMITTANCES SHALL BE FILED WITH THE DEPARTMENT OF TAXATION AND FINANCE
NOT LATER THAN THE FIFTEENTH DAY OF THE MONTH FOLLOWING THE CLOSE OF
EACH CALENDAR QUARTER.
3. FOR THE PURPOSES OF THIS SECTION, THE TERM "TRANSACTION" SHALL MEAN
THE WIRE TRANSFER OR OTHER TRANSMISSION OF MONEY FROM WITHIN THIS STATE
TO ANY FOREIGN COUNTRY.
S 6. Section 305 of the education law is amended by adding a new
subdivision 43 to read as follows:
43. THE COMMISSIONER, IN CONSULTATION WITH THE COMMISSIONER OF TAXA-
TION AND FINANCE, SHALL PROMULGATE RULES AND REGULATIONS PROVIDING FOR
THE IMPLEMENTATION OF SUBDIVISION THREE OF SECTION NINETY-SEVEN-LLLL OF
THE STATE FINANCE LAW.
S 7. The state finance law is amended by adding a new section 97-llll
to read as follows:
S 97-LLLL. UNDOCUMENTED STUDENT EDUCATION FUND. 1. THERE IS HEREBY
ESTABLISHED IN THE JOINT CUSTODY OF THE COMMISSIONER OF TAXATION AND
FINANCE AND THE COMMISSIONER OF EDUCATION A FUND TO BE KNOWN AS THE
"UNDOCUMENTED STUDENT EDUCATION FUND".
2. (A) SUCH FUND SHALL CONSIST OF MONEYS PAID THERETO FROM THE WIRE
TRANSFER FEE AS PROVIDED IN SECTIONS NINE-V AND SIX HUNDRED FORTY-ONE-A
OF THE BANKING LAW, THE TRANSACTION FEE AS PROVIDED IN SECTION ONE
HUNDRED SIXTY-FIVE-A OF THE GENERAL BUSINESS LAW AND ALL OTHER MONEYS
APPROPRIATED, TRANSFERRED OR CREDITED THERETO FROM ANY OTHER FUND OR
SOURCE PURSUANT TO LAW.
(B) ANY MONEYS IN SUCH ACCOUNT MAY BE INVESTED BY THE STATE COMP-
TROLLER PURSUANT TO SECTION NINETY-EIGHT-A OF THIS ARTICLE AND ANY
INCOME FROM SUCH INVESTMENT SHALL BE CREDITED TO THE FUND.
3. MONEYS IN THE ACCOUNT SHALL BE MADE AVAILABLE FOR THE PAYMENT OF
TUITION AND OTHER FEES AND CHARGES, BUT SHALL NOT BE MADE AVAILABLE FOR
ROOM AND BOARD, OF A STUDENT WHO IS ATTENDING A CITY UNIVERSITY OF NEW
A. 9462 3
YORK OR THE STATE UNIVERSITY OF NEW YORK AND WHO IS WITHOUT LAWFUL IMMI-
GRATION STATUS OR IS AN UNDOCUMENTED PERSON, IF SUCH STUDENT:
(A) ENTERED THE UNITED STATES BEFORE THE AGE OF EIGHTEEN; AND
(B) ATTENDED AN APPROVED HIGH SCHOOL IN THIS STATE FOR TWO OR MORE
YEARS, GRADUATED FROM AN APPROVED HIGH SCHOOL IN THIS STATE AND APPLIED
FOR ATTENDANCE AT AN INSTITUTION OR EDUCATIONAL UNIT OF THE STATE
UNIVERSITY WITHIN FIVE YEARS OF RECEIVING A NEW YORK STATE HIGH SCHOOL
DIPLOMA; OR
(C) ATTENDED AN APPROVED NEW YORK STATE PROGRAM FOR GENERAL EQUIVALEN-
CY DIPLOMA EXAM PREPARATION, RECEIVED A GENERAL EQUIVALENCY DIPLOMA
ISSUED WITHIN NEW YORK STATE AND APPLIED FOR ATTENDANCE AT AN INSTITU-
TION OR EDUCATIONAL UNIT OF THE STATE UNIVERSITY WITHIN FIVE YEARS OF
RECEIVING A GENERAL EQUIVALENCY DIPLOMA ISSUED WITHIN NEW YORK STATE.
A STUDENT WITHOUT LAWFUL IMMIGRATION STATUS SHALL ALSO BE REQUIRED TO
FILE AN AFFIDAVIT WITH SUCH INSTITUTION OR EDUCATIONAL UNIT STATING THAT
THE STUDENT HAS FILED AN APPLICATION TO LEGALIZE HIS OR HER IMMIGRATION
STATUS, OR WILL FILE SUCH AN APPLICATION AS SOON AS HE OR SHE IS ELIGI-
BLE TO DO SO.
4. MONIES SHALL BE PAYABLE FROM THE FUND ON THE AUDIT AND WARRANT OF
THE COMPTROLLER ON VOUCHERS APPROVED AND CERTIFIED BY THE COMMISSIONER
OF EDUCATION.
5. TO THE EXTENT PRACTICABLE, THE COMMISSIONER OF EDUCATION SHALL
ENSURE THAT ALL MONIES RECEIVED DURING A FISCAL YEAR ARE EXPENDED PRIOR
TO THE END OF THAT FISCAL YEAR.
S 8. This act shall take effect on the one hundred twentieth day after
it shall have become a law. Effective immediately, the addition, amend-
ment and/or repeal of any rule or regulation necessary for the implemen-
tation of this act on its effective date is authorized to be made on or
before such date.