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Senate Bill S4934

2019-2020 Legislative Session

Enacts the New York state money transmission disclosure act

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Archive: Last Bill Status - In Senate Committee Banks Committee

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2019-S4934 (ACTIVE) - Details

Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Add §651-c, Bank L
Versions Introduced in Other Legislative Sessions:
2021-2022: S5201
2023-2024: S1748
2025-2026: S4570

2019-S4934 (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 financial services to implement any necessary rules and regulations.

2019-S4934 (ACTIVE) - Sponsor Memo

2019-S4934 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4934
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                              March 29, 2019
                                ___________
 
 Introduced  by  Sen. SANDERS -- 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  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".
   § 2. The  banking law is amended by adding a new section 651-c to read
 as follows:
   § 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.
   §  3.  This  act shall take effect on the ninetieth day after it shall
 have become a law. Effective immediately, the addition, amendment and/or
 repeal of any rule or regulation necessary  for  the  implementation  of
 this  act  on its effective date are authorized to be made and completed
 on or before such effective date.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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