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NY A05702
Bill
Status
3/22/2023
Primary Sponsor
Khaleel Anderson
Click for details
AI Summary
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Establishes the "New York state money transmission disclosure act" requiring licensees and their agents to provide written disclosures before customers pay for currency exchange transactions.
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Mandates disclosure must 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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Requires disclosure to show 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 ninety days after becoming law, with authority granted to the superintendent of financial services 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
1/3/2024