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NY A00148
Bill
Status
1/8/2025
Primary Sponsor
Samuel Pirozzolo
Click for details
AI Summary
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Requires licensed money transmitters to verify a customer's social security number or taxpayer identification number before processing international wire transfers
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Imposes a fee of at least 20% on international wire transfers of $1,000 or more when the customer cannot provide a valid social security number or taxpayer identification number
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Directs the superintendent to develop rules, regulations, and forms to protect sensitive customer information collected under this requirement
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All revenue collected from these fees would be credited to the state general fund
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Takes effect 180 days after becoming law
Legislative Description
Imposes a fee of not less than twenty per centum of transaction amounts equal to or exceeding one thousand dollars on customers who initiate international wire transfers without a valid social security number or taxpayer identification number.
Last Action
referred to banks
1/7/2026