assembly Bill A3425

2013-2014 Legislative Session

Enacts the New York state money transmission disclosure act

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Sponsored By

Archive: Last Bill Status - In Assembly Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to banks
Jan 25, 2013 referred to banks

Co-Sponsors

Multi-Sponsors

A3425 (ACTIVE) - Details

Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Add ยง651-c, Bank L
Versions Introduced in Other Legislative Sessions:
2009-2010: A5459
2011-2012: A3611
2015-2016: A4084
2017-2018: A5176
2019-2020: A6399

A3425 (ACTIVE) - Summary

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 banks to implement any necessary rules and regulations.

A3425 (ACTIVE) - Bill Text download pdf

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

                                  3425

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                            January 25, 2013
                               ___________

Introduced by M. of A. TITUS, GOTTFRIED, COOK, BOYLAND, RIVERA, NOLAN --
  Multi-Sponsored  by  --  M.  of  A.  COLTON, FARRELL, HEASTIE, HOOPER,
  JACOBS, V. LOPEZ -- 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.
  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 financial
services on or before such effective date.