Assembly Bill A9728

2019-2020 Legislative Session

Requires transmitters of money to provide a certain warning to consumers

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee


  • 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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2019-A9728 (ACTIVE) - Details

See Senate Version of this Bill:
S297
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Add §652-c, Bank L
Versions Introduced in Other Legislative Sessions:
2011-2012: S6276
2013-2014: S606
2015-2016: S2480
2017-2018: S3232
2021-2022: A5864, S166
2023-2024: A2282, S177

2019-A9728 (ACTIVE) - Summary

Requires transmitters of money to provide a warning which informs consumers of certain fraudulent activities that may occur.

2019-A9728 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9728
 
                           I N  A S S E M B L Y
 
                             February 6, 2020
                                ___________
 
 Introduced by M. of A. STIRPE -- read once and referred to the Committee
   on Banks
 
 AN  ACT  to amend the banking law, in relation to requiring transmitters
   of money to provide a certain warning to consumers
 
   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 652-c to
 read as follows:
   §  652-C.  REQUIRED  WARNING. 1.   A PERSON ENGAGED IN THE BUSINESS OF
 RECEIVING MONEY FOR TRANSMISSION OR TRANSMITTING MONEY BY WIRE OR  ELEC-
 TRONIC TRANSFER WHICH, AT THE REQUEST OF AN INDIVIDUAL WHO IN PERSON, BY
 TELEPHONE  OR  ELECTRONIC MEANS TRANSMITS FUNDS TO ANOTHER PERSON, BUSI-
 NESS OR ENTITY, SHALL CLEARLY AND PROMINENTLY WARN THE PERSON REQUESTING
 THE TRANSMISSION PRIOR TO COMPLETING SUCH TRANSMISSION  OF  FUNDS.  SUCH
 WARNING SHALL INCLUDE, BUT NOT BE LIMITED TO, THE FOLLOWING INFORMATION:
   (A)  A  TITLE  IN  BOLD,  CAPITAL LETTERS SAYING "WARNING: DO NOT FALL
 VICTIM TO CONSUMER FRAUD.";
   (B) QUESTIONS OR INFORMATION THAT ALERT A CONSUMER ABOUT  THE  DANGERS
 OF  SENDING FUNDS FOR LOTTERY WINNINGS, CREDIT CARD GUARANTEES OR LOANS,
 INTERNET OR PHONE OFFERS, TO PERSONS UNKNOWN TO THE CONSUMER OR  PERSONS
 WHOSE IDENTITY THE CONSUMER CANNOT VERIFY AND ANY OTHER FRAUD ALERT; AND
   (C)  INFORMATION  ABOUT  HOW  TO  ASK  QUESTIONS OF THE SALES CLERK OR
 REPRESENTATIVE; AND
   (D) INFORMATION ABOUT HOW TO STOP A TRANSFER.
   2. FOR THE PURPOSES OF THIS SECTION, "CLEARLY AND PROMINENTLY"  MEANS:
 (A) IN WRITTEN COMMUNICATIONS, INCLUDING PRINT AND THOSE MADE THROUGH AN
 ELECTRONIC  MEDIUM  (SUCH  AS VIDEO AND INTERACTIVE MEDIA INCLUDING, BUT
 NOT LIMITED TO, THE INTERNET, ONLINE SERVICES, AND ELECTRONIC MAIL)  THE
 WARNING  SHALL APPEAR ON THE SAME FORM AS THE FORM USED TO AUTHORIZE THE
 TRANSMISSION OF FUNDS, SHALL BE IN A TYPE SIZE  SUFFICIENTLY  NOTICEABLE
 FOR  AN ORDINARY CONSUMER TO READ AND COMPREHEND THE WRITTEN WARNING AND
 SHALL BE IN A TYPE THAT CONTRASTS WITH THE BACKGROUND AGAINST WHICH  THE
 WRITTEN  WARNING  APPEARS;  AND  (B) IN ORAL COMMUNICATIONS, THE WARNING
 SHALL BE DELIVERED IN A VOLUME AND CADENCE SUFFICIENT  FOR  AN  ORDINARY
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

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