Senate Bill S2480

2015-2016 Legislative Session

Requires transmitters of money to provide a certain warning to consumers

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Banks 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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2015-S2480 (ACTIVE) - Details

See Assembly Version of this Bill:
A2780
Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Add §652-c, Bank L
Versions Introduced in Other Legislative Sessions:
2011-2012: S6276, A8928
2013-2014: S606, A156
2017-2018: S3232
2019-2020: S297
2021-2022: S166
2023-2024: S177

2015-S2480 (ACTIVE) - Summary

Requires transmitters of money to provide a warning which informs consumers of certain fraudulent activities that may occur.

2015-S2480 (ACTIVE) - Sponsor Memo

2015-S2480 (ACTIVE) - Bill Text download pdf

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

                                  2480

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            January 23, 2015
                               ___________

Introduced  by Sens. GIANARIS, ADDABBO, AVELLA, HASSELL-THOMPSON, KENNE-
  DY, KRUEGER, MONTGOMERY, PARKER,  STAVISKY,  STEWART-COUSINS  --  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  requiring  transmitters
  of money to provide a certain warning to consumers

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

  Section 1. The banking law is amended by adding a new section 652-c to
read as follows:
  S 652-C. REQUIRED WARNING. 1.   A PERSON ENGAGED IN  THE  BUSINESS  OF
RECEIVING  MONEY FOR TRANSMISSION OR TRANSMITTING MONEY BY WIRE OR ELEC-
TRONIC TRANSFER WHICH, AT THE REQUEST OF AN INDIVIDUAL WHO IN PERSON, BY
TELEPHONE OR ELECTRONIC MEANS TRANSMITS FUNDS TO ANOTHER  PERSON,  BUSI-
NESS OR ENTITY, SHALL CLEARLY AND PROMINENTLY WARN THE PERSON REQUESTING
THE  TRANSMISSION  PRIOR  TO COMPLETING SUCH TRANSMISSION OF FUNDS. SUCH
WARNING SHALL INCLUDE, BUT NOT BE LIMITED TO, THE FOLLOWING INFORMATION:
  (A) A TITLE IN BOLD, CAPITAL LETTERS  SAYING  "WARNING:  DO  NOT  FALL
VICTIM TO CONSUMER FRAUD;"
  (B)  QUESTIONS  OR INFORMATION THAT ALERT A CONSUMER ABOUT THE DANGERS
OF SENDING FUNDS FOR LOTTERY WINNINGS, CREDIT CARD GUARANTEES OR  LOANS,
INTERNET  OR PHONE OFFERS, TO PERSONS UNKNOWN TO THE CONSUMER OR PERSONS
WHOSE IDENTITY THE CONSUMER CANNOT VERIFY AND ANY OTHER FRAUD ALERT; AND
  (C) INFORMATION ABOUT HOW TO ASK  QUESTIONS  OF  THE  SALES  CLERK  OR
REPRESENTATIVE; AND
  (D) INFORMATION ABOUT HOW TO STOP A TRANSFER.
  2.  FOR THE PURPOSES OF THIS SECTION, "CLEARLY AND PROMINENTLY" MEANS:
(A) IN WRITTEN COMMUNICATIONS, INCLUDING PRINT AND THOSE MADE THROUGH AN
ELECTRONIC MEDIUM (SUCH AS VIDEO AND INTERACTIVE  MEDIA  INCLUDING,  BUT
NOT  LIMITED TO, THE INTERNET, ONLINE SERVICES, AND ELECTRONIC MAIL) THE
WARNING SHALL APPEAR ON THE SAME FORM AS THE FORM USED TO AUTHORIZE  THE

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03589-01-5
              

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