CT HB05424

Requires all licensed money transmitters in Connecticut to provide a fraud warning to consumers prior to completing any money transmission transaction, effective October 1, 2020

Fraud warning must include a questionnaire asking the consumer about the payee, purpose, and source of instructions for the money transmission

Requires verification of the payee's name and phone number and confirmation of the transmission amount before processing

Mandates notice that telemarketers are prohibited from receiving money transmission payments for the sale of goods or services

Must include a warning statement about potential fraud and instructions for consumers who suspect fraudulent activity associated with the transaction