Senate Passes Deputy Leader Gianaris’ Legislation Protecting New Yorkers Against Financial Fraud

Gianaris Legislation Requires Warnings to Consumers When Transferring Funds

ALBANY – Senate Deputy Leader Michael Gianaris announced his legislation (S.166) to prevent more people from falling victim to financial scams passed the Senate today.

“New Yorkers deserve the strongest protections against predators and fraud. With the covid-19 crisis, scams are on the rise,” said Senate Deputy Leader Michael Gianaris. “We need the strongest possible defenses to keep consumers and their wallets safe, and I am pleased the Senate is passing this bill today.”

Senator Gianaris’ legislation will require financial institutions to provide a warning to customers of the danger of consumer fraud when transferring funds.

Assemblyman Al Stirpe (D-Cicero) said, “Every day, elderly and economically vulnerable people in my district and across the state are called, emailed and texted by scam artists hoping to take advantage of their trust. This legislation would help prevent some of the scams that involve wire transfers, and it is a small but important step to protect these consumers and all of us. I am honored to sponsor this bill in the Assembly and pleased to see it one step closer to adoption.”