Assembly Bill A9462

2011-2012 Legislative Session

Establishes a wire transfer fee and an undocumented student education fund

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Archive: Last Bill Status - Stricken


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2011-A9462 (ACTIVE) - Details

Law Section:
Banking Law
Laws Affected:
Add §§9-v & 641-a, amd §§383 & 454, Bank L; add §165-a, Gen Bus L; amd §305, Ed L; add §97-llll, St Fin L

2011-A9462 (ACTIVE) - Summary

Establishes a wire transfer fee imposing a fee on every wire transfer and transmission to any foreign country and directs the deposit of such fees into an undocumented student education fund, the funds of which shall be made available for the payment of tuition and other fees and charges of a student who is attending a city university of New York or the state university of New York and who is without lawful immigration status or is an undocumented person.

2011-A9462 (ACTIVE) - Bill Text download pdf

                            
                    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.
              

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