|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 13, 2023||referred to banks|
senate Bill S1748
Current Bill Status - In Senate Committee Banks Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S1748 (ACTIVE) - Details
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.
S1748 (ACTIVE) - Sponsor Memo
BILL NUMBER: S1748 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
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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