Loading chat...
NY A04084
Bill
Status
1/29/2015
Primary Sponsor
Michele Titus
Click for details
AI Summary
-
Establishes the New York State Money Transmission Disclosure Act requiring licensees to provide written disclosures before customers pay for currency exchange transactions.
-
Mandates disclosures include the total amount of currency presented in U.S. dollars, the exchange rate applied, all commissions and fees in U.S. dollars, and the total amount to be delivered to the beneficiary in both U.S. dollars and foreign currency.
-
Applies to each licensee and their designated agents and subagents providing transmission transactions involving currency exchange between countries.
-
Takes effect 90 days after enactment, 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 financial services to implement any necessary rules and regulations.
Last Action
referred to banks
1/6/2016