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NY A07198
Bill
Status
4/29/2021
Primary Sponsor
Khaleel Anderson
Click for details
AI Summary
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Requires money transmission licensees and their agents to provide customers with written disclosure prior to payment for currency exchange transactions involving conversion from one country's currency to another.
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Written disclosure must include the total amount of currency presented in US dollars, the applicable exchange rate, all commissions and fees in US dollars (including conversion fees, destination-based fees, and processing fees), and the final amount to be delivered in both US dollars and foreign currency.
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Takes effect 90 days after becoming law, with the superintendent of financial services authorized to issue any necessary rules and regulations for implementation by the effective date.
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
1/5/2022