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Senate Bill S1748

2023-2024 Legislative Session

Enacts the New York state money transmission disclosure act

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Archive: Last Bill Status - In Assembly Committee

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2023-S1748 (ACTIVE) - Details

See Assembly Version of this Bill:
A5702
Current Committee:
Assembly Banks
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
2021-2022: S5201, A7198
2025-2026: S4570

2023-S1748 (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.

2023-S1748 (ACTIVE) - Sponsor Memo

2023-S1748 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1748
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 13, 2023
                                ___________
 
 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.

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