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NY A03611
Bill
Status
1/26/2011
Primary Sponsor
Michele Titus
Click for details
AI Summary
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Establishes the New York State Money Transmission Disclosure Act requiring licensees and their agents to provide written disclosures prior to currency exchange transactions
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Mandates disclosures include the total amount of currency presented in US dollars, the exchange rate applied, all commissions and fees in US dollars, and the total amount to be delivered to the beneficiary in both US dollars and foreign currency
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Applies to all money transmission licensees, designated agents, and subagents conducting transactions involving the exchange of one country's currency into another country's currency
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Takes effect 90 days after enactment, with authorization for the superintendent of banks to issue implementing rules and regulations immediately upon passage
Legislative Description
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 banks to implement any necessary rules and regulations.
Last Action
referred to banks
1/4/2012