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NY S01748
Bill
Status
3/21/2023
Primary Sponsor
James Sanders
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 of the total amount of currency presented by the customer in United States dollars.
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Requires disclosure of the exchange rate applied to the transaction, all commissions and fees in U.S. dollars (including conversion fees, destination-based fees, and processing fees), and the total amount of currency to be delivered to the beneficiary in both U.S. dollars and the foreign destination currency.
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Takes effect 90 days after the bill becomes law, with authorization for the superintendent of financial services to adopt necessary rules and regulations for implementation.
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
3/28/2024