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Assembly Bill A7899

2011-2012 Legislative Session

Requires financial institutions to provide a consumer warning prior to completing a transfer of funds

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Archive: Last Bill Status - In Assembly Committee

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2011-A7899 (ACTIVE) - Details

Current Committee:
Assembly Consumer Affairs And Protection
Law Section:
General Business Law
Laws Affected:
Add ยง399-ff, Gen Bus L

2011-A7899 (ACTIVE) - Summary

Requires financial institutions to provide a consumer warning prior to completing a transfer of funds, and provides for a five hundred dollar civil penalty to be imposed for each violation.

2011-A7899 (ACTIVE) - Bill Text download pdf 

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

                                  7899

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                              May 20, 2011
                               ___________

Introduced  by M. of A. NOLAN -- read once and referred to the Committee
  on Consumer Affairs and Protection

AN ACT to amend the general business law,  in  relation  to  a  consumer
  warning about transfer of funds

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The general business law is amended by adding a new section
399-ff to read as follows:
  S 399-FF. CONSUMER WARNING ABOUT TRANSFER OF  FUNDS.  1.  A  FINANCIAL
INSTITUTION AS DEFINED IN SECTION 5-1501 OF THE GENERAL OBLIGATIONS LAW,
OR  ANY  OTHER  BUSINESS  ENGAGED  IN THE WIRE OR ELECTRONIC TRANSFER OF
FUNDS WHICH, AT THE REQUEST OF AN INDIVIDUAL WHO IN PERSON OR  BY  ELEC-
TRONIC  MEANS  TRANSFERS  FUNDS  TO  ANOTHER PERSON, BUSINESS OR ENTITY,
SHALL REQUIRE THE PERSON REQUESTING THE TRANSFER TO READ  AND  SIGN  THE
FOLLOWING CONSUMER NOTICE PRIOR TO COMPLETING A TRANSFER OF FUNDS:
  "WARNING: PLEASE DO NOT FALL VICTIM TO CONSUMER FRAUD. ARE YOU SENDING
MONEY  TO CLAIM LOTTERY WINNINGS? ARE YOU SENDING MONEY BECAUSE YOU WERE
'GUARANTEED' A CREDIT CARD OR LOAN? ARE YOU RESPONDING TO AN INTERNET OR
PHONE OFFER THAT YOU ARE NOT SURE IS HONEST? ARE YOU  SENDING  MONEY  TO
SOMEONE  YOU  DO  NOT  KNOW  OR WHOSE IDENTITY YOU CANNOT VERIFY? IF SO,
PLEASE ASK THE SALES CLERK OR REPRESENTATIVE TO STOP YOUR TRANSFER RIGHT
AWAY."
  THE NOTICE SET OUT IN THIS SECTION SHALL APPEAR ON THE SAME FORM USING
THE SAME FORMAT AS THE FORM BY WHICH THE PERSON REQUESTING THE  TRANSFER
AUTHORIZES SUCH TRANSFER.
  2.  A  VIOLATION OF THE PROVISIONS OF THIS SECTION SHALL BE PUNISHABLE
BY A CIVIL PENALTY OF NOT  MORE  THAN  FIVE  HUNDRED  DOLLARS  FOR  EACH
VIOLATION.
  S 2. This act shall take effect on the one hundred twentieth day after
it shall have become a law.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11751-01-1

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