NY A05459

Requires money transmission licensees and their agents to provide written disclosures to customers before payment for currency exchange transactions between countries.

Disclosures must clearly include the total amount of currency presented in US dollars, the exchange rate applied, all commissions and fees in US dollars (including conversion, destination-based, and processing fees), and the total amount to be delivered to the beneficiary in both US dollars and foreign currency.

Takes effect 90 days after becoming law, with the superintendent of banks authorized to adopt necessary rules and regulations immediately.