Assembly Actions - Lowercase Senate Actions - UPPERCASE |
|
---|---|
Mar 21, 2023 | referred to banks delivered to assembly passed senate |
Mar 08, 2023 | advanced to third reading |
Mar 01, 2023 | 2nd report cal. |
Feb 28, 2023 | 1st report cal.421 |
Jan 13, 2023 | referred to banks |
senate Bill S1748
Sponsored By
James Sanders Jr.
(D) 10th Senate District
Current Bill Status - Passed Senate
- Introduced
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
Your Voice
Actions
Votes
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
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.
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.