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NY A05176
Bill
Status
2/6/2017
Primary Sponsor
Michele Titus
Click for details
AI Summary
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Establishes the "New York state money transmission disclosure act" requiring licensed money transmitters to provide written disclosures prior to customer payment for currency exchange transactions.
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Requires disclosure to include the total amount of currency in US dollars presented by the customer, the exchange rate applied, and all commissions and fees in US dollars (including conversion fees, destination-based fees, and processing fees).
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Mandates disclosure of the total amount of currency to be delivered to the beneficiary in both US dollars and the foreign destination currency.
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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
1/3/2018