NY S00297

Requires money transmitters to provide a clear and prominent warning to consumers before completing wire transfers or electronic money transmissions, whether requested in person, by telephone, or electronic means.

Warning must include a bold, capital letter title stating "Warning: do not fall victim to consumer fraud" and address specific fraud types including lottery winnings, credit card guarantees, loans, internet/phone offers, and transfers to unknown persons.

Warning must also inform consumers how to ask questions of the sales clerk and how to stop a transfer.

Defines "clearly and prominently" as requiring warnings in written form on the same authorization form in readable type with contrasting background, and in oral form delivered at sufficient volume and cadence for ordinary comprehension.

Exempts electronic transfers where funds are not transferred directly to another person or are not immediately available, and transfers using gift certificates.

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

Takes effect 180 days after becoming law.