Assembly Bill A5702

2023-2024 Legislative Session

Enacts the New York state money transmission disclosure act

download bill text pdf

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Current 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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2023-A5702 (ACTIVE) - Details

See Senate Version of this Bill:
S1748
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
2021-2022: A7198, S5201

2023-A5702 (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.

2023-A5702 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5702
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 22, 2023
                                ___________
 
 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
                       [ ] is old law to be omitted.

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