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NY A03425
Bill
Status
1/25/2013
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 must clearly include the total currency amount presented in U.S. dollars, the exchange rate applied, all commissions and fees in U.S. dollars, and the total currency amount to be delivered to the beneficiary in both U.S. dollars and foreign currency
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Applies to transmission transactions involving exchange of currency from one country into another country's currency
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Takes effect 90 days after becoming law, with the superintendent of financial services authorized to implement necessary rules and regulations immediately
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
1/8/2014