NY S00177

Requires money transmitters (wire transfer and electronic fund businesses) to provide a clear and prominent warning to consumers before completing fund transfers initiated in person, by telephone, or electronically.

Warning must include a bold capital title stating "Warning: do not fall victim to consumer fraud" and information about dangers of sending funds for lottery winnings, credit card guarantees, loans, internet/phone offers, and transfers to unknown persons.

Warning must appear on the same authorization form used for the transfer, or via a posted sign, in readable type with contrasting background for written communications; oral warnings must be delivered in sufficient volume and cadence for ordinary consumer comprehension.

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

Establishes civil penalties of up to $250 for first violation and $500 for each subsequent violation; takes effect 180 days after enactment.