Loading chat...
NY A05181
Bill
Status
Introduced
2/21/2013
Primary Sponsor
Fred Thiele
Click for details
AI Summary
- Amends Banking Law by adding Section 651-C requiring money transmitters to automatically refund non-completed transfers within 60 days
- Applies to persons and entities engaged in receiving or transmitting money by wire or electronic transfer at an individual's request
- Refund requirement is automatic and applies regardless of whether the transfer was initiated in person, by telephone, or by electronic means
- Takes effect 120 days after enactment, with regulatory agencies authorized to implement necessary rules immediately upon passage
Legislative Description
Requires transmitters of money to automatically refund any non-completed transfer after sixty days.
Last Action
referred to banks
1/8/2014
Committee Referrals
Banks2/21/2013
Full Bill Text
No bill text available