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History
- Print number 6276b
- Amend and recommit to rules
- Print number 6276a
- Amend and recommit to rules
- Committee discharged and committed to rules
- Notice of committee consideration - requested
- Referred to banks
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Requires transmitters of money to provide a certain warning to consumers
In Senate Committee · Rules · Sponsor Catherine Nolan
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S6276B
Title of bill
An act to amend the banking law, in relation to requiring transmitters of money to provide a certain warning to consumers
Purpose or general idea of bill
This bill would require a transmitter of money to provide a warning about fraud to consumers.
Summary of specific provisions
Section 1 of this act would amend the banking law by adding a new section, requiring a person engaged in the business of receiving money for transmission or transmitting money to clearly and prominently warn the consumers about fraud prior to completing the transfer.
Section 2 makes this act effective on the one hundred eightieth day after it shall have become a law.
Justification
Consumer fraud hurts everyone regardless of age. The elderly, however, are especially vulnerable to scams that call for the transferring of money. People receive calls or emails informing them that they won the lottery, that they have been offered a great deal, or that they can apply for a credit card if they simply transfer funds to an unspecified address. People have lost hundreds of thousands of dollars when they electronically transfer funds to individuals they do not know. This bill would require a financial institution to alert their customers to the dangers of consumer fraud. It would help them make better decisions before things go terribly wrong.
Prior legislative history
New Bill.
Fiscal implications
None.
Effective date
This act shall take effect on the one hundred eightieth day after it shall have become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.