NY A00390

Requires money transmitters to provide a clear, conspicuous consumer fraud warning before initiating wire or electronic transfer transactions and on all funds transfer forms

Mandates annual consumer fraud prevention training for agents involved with funds transfers

Requires money transmitters to monitor agent activity related to consumer funds transfers and establish a toll-free number for reporting fraud or stopping transfers

Exempts electronic funds transfers where money is not sent directly to another person and is not available for immediate use

Establishes civil penalties of up to $250 for first violations and $500 for each subsequent violation, with the law taking effect 180 days after enactment