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Senate Bill S166B

2021-2022 Legislative Session

Requires transmitters of money to provide a certain warning to consumers

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Archive: Last Bill Status - In Assembly Committee

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co-Sponsors

2021-S166 - 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
2019-2020: S297
2023-2024: S177
2025-2026: S2040

2021-S166 - Summary

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

2021-S166 - Sponsor Memo

2021-S166 - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    166
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced by Sens. GIANARIS, ADDABBO, BIAGGI, GAUGHRAN, KENNEDY, KRUEG-
   ER,  LIU, PARKER, SERRANO, 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

co-Sponsors

2021-S166A - 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
2019-2020: S297
2023-2024: S177
2025-2026: S2040

2021-S166A - Summary

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

2021-S166A - Sponsor Memo

2021-S166A - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  166--A
     Cal. No. 186
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced by Sens. GIANARIS, ADDABBO, BIAGGI, GAUGHRAN, HINCHEY, KENNE-
   DY,  KRUEGER,  LIU, PARKER, SERRANO, STAVISKY, STEWART-COUSINS -- read
   twice and ordered printed, and when printed to  be  committed  to  the
   Committee  on Banks -- reported favorably from said committee, ordered
   to first and second report, ordered to a third  reading,  amended  and
   ordered reprinted, retaining its place in 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 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

co-Sponsors

2021-S166B (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
2019-2020: S297
2023-2024: S177
2025-2026: S2040

2021-S166B (ACTIVE) - Summary

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

2021-S166B (ACTIVE) - Sponsor Memo

2021-S166B (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  166--B
     Cal. No. 186
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced by Sens. GIANARIS, ADDABBO, BIAGGI, GAUGHRAN, HINCHEY, KENNE-
   DY,  KRUEGER,  LIU, PARKER, SERRANO, STAVISKY, STEWART-COUSINS -- read
   twice and ordered printed, and when printed to  be  committed  to  the
   Committee  on Banks -- reported favorably from said committee, ordered
   to first and second report, ordered to a third  reading,  amended  and
   ordered  reprinted,  retaining its place in the order of third reading
   -- again amended and ordered reprinted, retaining  its  place  in  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 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.

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