Assembly Bill A5459

2009-2010 Legislative Session

Enacts the New York state money transmission disclosure act

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Sponsored By

Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2009-A5459 (ACTIVE) - Details

Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Add ยง651-c, Bank L
Versions Introduced in Other Legislative Sessions:
2011-2012: A3611
2013-2014: A3425
2015-2016: A4084
2017-2018: A5176
2019-2020: A6399
2021-2022: A7198
2023-2024: A5702

2009-A5459 (ACTIVE) - Summary

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 banks to implement only necessary rules and regulations.

2009-A5459 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  5459

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            February 13, 2009
                               ___________

Introduced  by  M.  of  A.  TITUS,  GOTTFRIED, ESPAILLAT, PHEFFER, COOK,
  JEFFRIES, J. RIVERA, P. RIVERA, GREENE, BENJAMIN,  NOLAN,  BOYLAND  --
  Multi-Sponsored  by  --  M.  of A.   ALESSI, ALFANO, CARROZZA, COLTON,
  DIAZ, FARRELL,  HEASTIE,  HOOPER,  JACOBS,  JOHN,  V. LOPEZ,  MILLMAN,
  PEOPLES, ROBINSON, SCARBOROUGH, TOWNS -- read once and referred to the
  Committee on Banks

AN  ACT  to  amend  the banking law, in relation to establishing the New
  York state money transmission disclosure act

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Short  title. This act shall be known and may be cited as
the "New York state money transmission disclosure act".
  S 2. The banking law is amended by adding a new section 651-c to  read
as follows:
  S 651-C. WRITTEN DISCLOSURES. EACH LICENSEE, OR SUCH LICENSEE'S DESIG-
NATED  AGENTS  AND SUBAGENTS, PROVIDING A TRANSMISSION TRANSACTION WHICH
INVOLVES, OR IS CONNECTED WITH THE EXCHANGE OF CURRENCY OF  ONE  COUNTRY
INTO  THE  CURRENCY OF ANOTHER COUNTRY SHALL PROVIDE THE CUSTOMER WITH A
WRITTEN DISCLOSURE, PRIOR TO THE TIME THAT THE  CUSTOMER  PAYS  FOR  THE
TRANSACTION,  WHICH  SHALL CLEARLY INCLUDE ALL OF THE FOLLOWING INFORMA-
TION:
  1. THE TOTAL AMOUNT OF CURRENCY IN UNITED STATES DOLLARS PRESENTED  BY
THE CUSTOMER;
  2. THE RATE OF EXCHANGE APPLIED TO EACH PARTICULAR TRANSACTION;
  3. THE AMOUNT OF COMMISSIONS AND FEES IN UNITED STATES DOLLARS CHARGED
BY  THE  LICENSEE WHICH SHALL INCLUDE, BUT NOT BE LIMITED TO, CONVERSION
FEES, FEES BASED ON THE DESTINATION OF THE MONEY, AND ALL OTHER PROCESS-
ING FEES; AND
  4. THE TOTAL AMOUNT OF CURRENCY TO BE  DELIVERED  TO  THE  BENEFICIARY
DESIGNATED  BY THE CUSTOMER IN UNITED STATES DOLLARS AND THE CURRENCY OF
THE FOREIGN DESTINATION.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07582-01-9
              

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