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Assembly Bill A5864C

2021-2022 Legislative Session

Requires transmitters of money to provide a certain warning to consumers

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Archive: Last Bill Status - In Senate Committee Banks Committee

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Bill Amendments

2021-A5864 - Details

Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Add §652-c, Bank L
Versions Introduced in Other Legislative Sessions:
2019-2020: A9728
2023-2024: A2282
2025-2026: A390

2021-A5864 - Summary

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

2021-A5864 - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5864
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               March 1, 2021
                                ___________
 
 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

2021-A5864A - Details

Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Add §652-c, Bank L
Versions Introduced in Other Legislative Sessions:
2019-2020: A9728
2023-2024: A2282
2025-2026: A390

2021-A5864A - Summary

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

2021-A5864A - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5864--A
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               March 1, 2021
                                ___________
 
 Introduced by M. of A. STIRPE -- read once and referred to the Committee
   on  Banks  -- committee discharged, bill amended, ordered reprinted as
   amended and recommitted to said committee
 
 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 PROVIDE INFORMATION WARN-
 ING THE PERSON REQUESTING THE  TRANSMISSION  PRIOR  TO  COMPLETING  SUCH
 TRANSMISSION OF FUNDS, WHICH SHALL INCLUDE, BUT NOT BE LIMITED TO:
   (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;
   (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, OR IF NO WRITTEN FORM IS USED, VIA A  SIGN  IN  A
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

2021-A5864B - Details

Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Add §652-c, Bank L
Versions Introduced in Other Legislative Sessions:
2019-2020: A9728
2023-2024: A2282
2025-2026: A390

2021-A5864B - Summary

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

2021-A5864B - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5864--B
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               March 1, 2021
                                ___________
 
 Introduced by M. of A. STIRPE -- read once and referred to the Committee
   on  Banks  -- committee discharged, bill amended, ordered reprinted as
   amended and recommitted to said  committee  --  committee  discharged,
   bill  amended,  ordered  reprinted  as amended and recommitted to said
   committee

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

co-Sponsors

2021-A5864C (ACTIVE) - Details

Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Add §652-c, Bank L
Versions Introduced in Other Legislative Sessions:
2019-2020: A9728
2023-2024: A2282
2025-2026: A390

2021-A5864C (ACTIVE) - Summary

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

2021-A5864C (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5864--C
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               March 1, 2021
                                ___________
 
 Introduced by M. of A. STIRPE -- read once and referred to the Committee
   on  Banks  -- committee discharged, bill amended, ordered reprinted as
   amended and recommitted to said  committee  --  committee  discharged,
   bill  amended,  ordered  reprinted  as amended and recommitted to said
   committee --  again  amended  on  third  reading,  ordered  reprinted,
   retaining its place on the order of third reading
 
 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:
   (A) PROVIDE A CLEAR, CONCISE, AND CONSPICUOUS CONSUMER  FRAUD  WARNING
 PRIOR  TO  INITIATING  THE  MONEY  TRANSFER TRANSACTION AND ON ALL FUNDS
 TRANSFER FORMS USED BY CONSUMERS TO SEND MONEY TO AN INDIVIDUAL;
   (B) PROVIDE ANNUAL  CONSUMER  FRAUD  PREVENTION  TRAINING  FOR  AGENTS
 INVOLVED WITH FUNDS TRANSFERS;
   (C) MONITOR AGENT ACTIVITY RELATING TO CONSUMER FUNDS TRANSFERS; AND
   (D) ESTABLISH A TOLL-FREE NUMBER FOR CONSUMERS TO CALL TO REPORT FRAUD
 OR SUSPECTED FRAUD AND PROVIDE INFORMATION ON HOW TO STOP A TRANSFER.
   2.  THE  WARNING  REQUIRED BY THIS SECTION SHALL NOT APPLY TO AN ELEC-
 TRONIC FUNDS TRANSFER IN WHICH FUNDS ARE  NOT  TRANSFERRED  DIRECTLY  TO
 ANOTHER PERSON AND ARE NOT AVAILABLE FOR IMMEDIATE USE.
   3.  A  VIOLATION OF THE PROVISIONS OF THIS SECTION SHALL BE PUNISHABLE
 BY A CIVIL PENALTY OF NOT MORE THAN TWO HUNDRED FIFTY  DOLLARS  FOR  THE
 FIRST VIOLATION AND FIVE HUNDRED DOLLARS FOR EACH SUBSEQUENT VIOLATION.
   § 2. This act shall take effect on the one hundred eightieth day after
 it shall have become a law.

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