NY A02780

Money transmitters must provide a clear and prominent warning to consumers before completing wire or electronic fund transfers requested in person, by telephone, or by electronic means

Warning must include a bold title stating "WARNING: DO NOT FALL VICTIM TO CONSUMER FRAUD" and information alerting consumers about dangers of sending funds for lottery winnings, credit card guarantees, loans, internet/phone offers, and unverified recipients

Warning must appear on the same authorization form in readable type with contrasting background for written communications, or be delivered in audible volume and cadence for oral communications

Exemptions apply to electronic funds transfers where funds are not transferred directly to another person and are not immediately available, and to transfers made with gift certificates

Violations are subject to civil penalties of $250 for the first violation and $500 for each subsequent violation