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NY A06399
Bill
Status
3/7/2019
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 and their agents to provide written disclosures prior to customers paying for currency exchange transactions.
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Requires disclosures to include the total amount of currency presented by the customer in US dollars, the exchange rate applied, and all commissions and fees charged in US dollars.
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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 authorization for the superintendent of financial services to adopt 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
enacting clause stricken
1/6/2020