Assembly Actions - Lowercase Senate Actions - UPPERCASE |
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Jan 25, 2023 | referred to banks |
Current Bill Status - In Assembly Committee
- Introduced
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
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Actions
Co-Sponsors
Nader sayegh
Angelo Santabarbara
A2282 (ACTIVE) - Details
A2282 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2282 2023-2024 Regular Sessions I N A S S E M B L Y January 25, 2023 ___________ Introduced by M. of A. STIRPE, SAYEGH, SANTABARBARA -- 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: (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. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD00388-01-3