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STATE OF NEW YORK
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3611

2011-2012 Regular Sessions

IN ASSEMBLY

January 26, 2011
___________

Introduced  by  M.  of  A.  TITUS,  GOTTFRIED,  COOK,  BOYLAND, PHEFFER,
  J. RIVERA, NOLAN, JEFFRIES, P. RIVERA -- Multi-Sponsored by --  M.  of
  A.  COLTON,  FARRELL,  HEASTIE,  HOOPER,  JACOBS,  V. LOPEZ,  MILLMAN,
  PEOPLES-STOKES, 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.
                                                           LBD08017-01-1
A. 3611                             2

  S  3.  This  act shall take effect on the ninetieth day after it shall
have become a law; provided, however, that  effective  immediately,  the
addition,  amendment  and/or  repeal of any rule or regulation necessary
for the implementation of this act on its effective date  is  authorized
and  directed to be made and completed by the superintendent of banks on
or before such effective date.