Senate Bill S297

2019-2020 Legislative Session

Requires transmitters of money to provide a certain warning to consumers

download bill text pdf

Sponsored By

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-S297 (ACTIVE) - Details

See Assembly Version of this Bill:
A9728
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: S166, A5864
2023-2024: S177, A2282

2019-S297 (ACTIVE) - Summary

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

2019-S297 (ACTIVE) - Sponsor Memo

2019-S297 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    297
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 9, 2019
                                ___________
 
 Introduced  by  Sens.  GIANARIS,  ADDABBO, KENNEDY, KRUEGER, MONTGOMERY,
   PARKER, STAVISKY, STEWART-COUSINS -- read twice and  ordered  printed,
   and when printed to be committed 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

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