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NY A06725

Bill

Official Source

Status

Introduced

4/1/2015

Primary Sponsor

Fred Thiele

Click for details

Origin

Assembly

2015-2016 General Assembly

AI Summary

  • Amends New York Banking Law by adding section 651-c regarding money transmitters
  • Requires persons engaged in wire transfer or electronic money transmission business to automatically refund non-completed transfers within 60 days at the request of the individual who initiated the transfer
  • Applies to transfers requested in person, by telephone, or by electronic means to another person, business, or entity
  • Takes effect 120 days after becoming law, with regulatory agencies authorized to adopt necessary rules immediately upon enactment

Legislative Description

Requires transmitters of money to automatically refund any non-completed transfer within sixty days.

Last Action

referred to banks

1/6/2016

Committee Referrals

Banks4/1/2015

Full Bill Text

No bill text available