New York Senate Bill S04570 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 4570 2025-2026 Regular Sessions  IN SENATE February 7, 2025 ___________ Introduced by Sen. SANDERS -- read twice and ordered printed, and when printed to be committed 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: 1 Section 1. Short title. This act shall be known and may be cited as 2 the "New York state money transmission disclosure act". 3 § 2. The banking law is amended by adding a new section 651-c to read 4 as follows: 5 § 651-c. Written disclosures. Each licensee, or such licensee's desig- 6 nated agents and subagents, providing a transmission transaction which 7 involves, or is connected with the exchange of currency of one country 8 into the currency of another country shall provide the customer with a 9 written disclosure, prior to the time that the customer pays for the 10 transaction, which shall clearly include all of the following informa- 11 tion: 12 1. The total amount of currency in United States dollars presented by 13 the customer; 14 2. The rate of exchange applied to each particular transaction; 15 3. The amount of commissions and fees in United States dollars charged 16 by the licensee which shall include, but not be limited to, conversion 17 fees, fees based on the destination of the money, and all other process- 18 ing fees; and 19 4. The total amount of currency to be delivered to the beneficiary 20 designated by the customer in United States dollars and the currency of 21 the foreign destination. 22 § 3. This act shall take effect on the ninetieth day after it shall 23 have become a law. Effective immediately, the addition, amendment and/or 24 repeal of any rule or regulation necessary for the implementation of 25 this act on its effective date are authorized to be made and completed 26 on or before such effective date. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD06008-01-5