Assembly Bill A7198

2021-2022 Legislative Session

Enacts the New York state money transmission disclosure act

download bill text pdf

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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

2021-A7198 (ACTIVE) - Details

See Senate Version of this Bill:
S5201
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Add §651-c, Bank L
Versions Introduced in Other Legislative Sessions:
2009-2010: A5459
2011-2012: A3611
2013-2014: A3425
2015-2016: A4084
2017-2018: A5176
2019-2020: A6399, S4934
2023-2024: A5702, S1748

2021-A7198 (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 financial services to implement any necessary rules and regulations.

2021-A7198 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7198
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 29, 2021
                                ___________
 
 Introduced by M. of A. ANDERSON -- read once and referred to the Commit-
   tee 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".
   § 2. The banking law is amended by adding a new section 651-c to  read
 as follows:
   § 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.
   § 3. This act shall take effect on the ninetieth day  after  it  shall
 have become a law. Effective immediately, the addition, amendment and/or
 repeal  of  any  rule  or regulation necessary for the implementation of
 this act on its effective date are authorized to be made  and  completed
 on or before such effective date.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.