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Assembly Bill A6725

2015-2016 Legislative Session

Requires transmitters of money to automatically refund any non-completed transfer after sixty days

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Archive: Last Bill Status - In Assembly Committee

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2015-A6725 (ACTIVE) - Details

See Senate Version of this Bill:
S4665
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Add ยง651-c, Bank L
Versions Introduced in 2013-2014 Legislative Session:
A5181, S3825

2015-A6725 (ACTIVE) - Summary

Requires transmitters of money to automatically refund any non-completed transfer within sixty days.

2015-A6725 (ACTIVE) - Bill Text download pdf 

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

    S. 4665                                                  A. 6725

                       2015-2016 Regular Sessions

                      S E N A T E - A S S E M B L Y

                              April 1, 2015
                               ___________

IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print-
  ed, and when printed to be committed to the Committee on Banks

IN  ASSEMBLY  -- Introduced by M. of A. THIELE -- read once and referred
  to the Committee on Banks

AN ACT to amend the banking law, in relation to transmitters of money

  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 651-c to
read as follows:
  S  651-C.  REFUND  BY  TRANSMITTERS  OF MONEY. A PERSON ENGAGED IN THE
BUSINESS OF RECEIVING MONEY FOR TRANSMISSION OR  TRANSMITTING  MONEY  BY
WIRE  OR  ELECTRONIC TRANSFER WHICH, AT THE REQUEST OF AN INDIVIDUAL WHO
IN PERSON, BY TELEPHONE OR ELECTRONIC MEANS TRANSMITS FUNDS  TO  ANOTHER
PERSON,  BUSINESS  OR ENTITY, SHALL AUTOMATICALLY REFUND A NON-COMPLETED
TRANSFER WITHIN SIXTY DAYS.
  S 2. This act shall take effect on the one hundred twentieth day after
it shall have become a law; provided, however, that effective immediate-
ly, the addition, amendment and/or repeal  of  any  rule  or  regulation
necessary  for  the implementation of this act on its effective date are
authorized and directed to be made  and  completed  on  or  before  such
effective date.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08160-01-5

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