senate Bill S297

2019-2020 Legislative Session

Requires transmitters of money to provide a certain warning to consumers

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Sponsored By

Current Bill Status - Passed Senate


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

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Actions

view actions (6)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 21, 2019 referred to banks
delivered to assembly
passed senate
May 20, 2019 ordered to third reading cal.717
committee discharged and committed to rules
Jan 09, 2019 referred to banks

Co-Sponsors

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S297 (ACTIVE) - Details

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

S297 (ACTIVE) - Summary

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

S297 (ACTIVE) - Sponsor Memo

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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