NY State Senate Bill 2021-S5201

Archive: Last Bill Status - In Senate Committee Rules 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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Actions

View Actions

Date of Action	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jun 03, 2022	committed to rules
May 16, 2022	advanced to third reading
May 11, 2022	2nd report cal.
May 10, 2022	1st report cal.1200
Jan 05, 2022	referred to banks
Feb 26, 2021	referred to banks

Votes

- May 10, 2022 - Banks Committee Vote
  S5201
  
  Aye
  
  8
  
  Nay
  
  3
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  
  0
  - - Banks Committee Vote: May 10, 2022
      
      aye (8)
      
      Breslin
      
      Brisport
      
      Kennedy
      
      May
      
      Parker
      
      Sanders Jr.
      
      Savino
      
      Thomas
      
      nay (3)
      
      Borrello
      
      Stec
      
      Tedisco

2021-S5201 (ACTIVE) - Details

See Assembly Version of this Bill:: A7198
Current Committee:: Senate Rules
Law Section:: Banking Law
Laws Affected:: Add §651-c, Bank L
Versions Introduced in Other Legislative Sessions:: 2009-2010: A5459
2011-2012: A3611
2013-2014: A3425
2015-2016: A4084
2017-2018: A5176
2019-2020: S4934, A6399
2023-2024: S1748, A5702
2025-2026: S4570

2021-S5201 (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.

2021-S5201 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S5201

SPONSOR: SANDERS
 
TITLE OF BILL:

An act to amend the banking law, in relation to establishing the New
York state money transmission disclosure act

 
PURPOSE OR GENERAL IDEA OF BILL:

To require money transmitters to provide the customer with a written
disclosure of basic information regarding the transmission of their
funds prior to the time that the customer pays for the transaction.

 
SUMMARY OF SPECIFIC PROVISIONS:

Section one of the bill states that this act shall be known and may be
cited as the "New York State Money Transmission Disclosure Act".

Section two of the bill amends the banking law by adding a new section
651-c entitled "written disclosures". This bill would require money

transmitter licensees, agents or subagents to provide the customer with
a written disclosure prior to the time that the customer pays for the
transaction. This disclosure shall include: (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 licen-
see; (4) the total amount of currency to be delivered to the benefici-
ary.

 
JUSTIFICATION:

In October 2003, a public hearing was conducted on the topic of money
transmission. During this hearing, concerns were raised over the diffi-
culties constituents experience in obtaining basic information regarding
the transmission of funds to relatives abroad. A report released by the
New York City Department of Consumer Affairs on October 20, 2003, cited
incidents of failure to disclose the exchange rates the customer is
receiving or the fees they are charged prior to the transaction. This
act would require money transmitters to provide the customer with a
written disclosure prior to the time that the customer pays for the
transaction.

 
PRIOR LEGISLATIVE HISTORY:

A5176(2017-2018) Referred to Banks
1/8/18 A4084(2015-2016) Referred to Banks 1/6/16
A3425(2013-2014) Referred to Banks 1/8/14
A3611(2011-2012) Referred to Banks 1/6/12
A5459(2009-2010) Referred to Banks 1/6/10
A4917(2009-2010) Referred to Banks 1/9/10
A6273(2005-2006) Referred to Banks 2/28/06
A11261(2003-2004) Referred to Banks 6/1404

 
FISCAL IMPLICATIONS:

None

 
EFFECTIVE DATE:
This act shall take effect on the ninetieth day after it shall have
become law; effective immediately, the addition, the 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.

2021-S5201 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5201
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 26, 2021
                                ___________
 
 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

                       [ ] is old law to be omitted.
                                                            LBD05217-01-1

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Senate Bill S5201

Sponsored By

Archive: Last Bill Status - In Senate Committee Rules Committee

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Votes

May 10, 2022 - Banks Committee Vote

Banks Committee Vote: May 10, 2022

2021-S5201 (ACTIVE) - Details

2021-S5201 (ACTIVE) - Summary

2021-S5201 (ACTIVE) - Sponsor Memo

2021-S5201 (ACTIVE) - Bill Text download pdf

Comments

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Sponsored By

James Sanders Jr.

Archive: Last Bill Status - In Senate Committee Rules Committee

Actions

Votes

2021-S5201 (ACTIVE) - Details

2021-S5201 (ACTIVE) - Summary

2021-S5201 (ACTIVE) - Sponsor Memo

2021-S5201 (ACTIVE) - Bill Text download pdf

Comments