NY A05864

Requires money transmitters to provide a clear and prominent warning to consumers before completing wire transfers or electronic fund transmissions.

Warning must include a bold capital title stating "Warning: do not fall victim to consumer fraud" and alert consumers about lottery scams, credit card guarantees, loan offers, and unknown recipients.

Warning requirements vary by medium: written warnings must appear on the same authorization form or posted signage in readable contrast; oral warnings must be delivered audibly and intelligibly.

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

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