What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
No co-sponsors yet.
History
- Referred to banks
- 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 automatically refund any non-completed transfer after sixty days
In Assembly Committee · Banks · Sponsor Fred Thiele
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S3825
Title of bill
An act to amend the banking law, in relation to transmitters of money
Purpose
To require transmitters of money to automatically refund any non-completed transfer after 60 days.
Summary of provisions
Amends the Banking Law by adding a new Section 651-c to relating to the automatic refund by transmitters of money for non-completed transfers within 60 days.
Justification
Money transmitters and money transmitter services are licensed and regulated by the New York State Department of Financial Services. Each money transmitter company has different notification and refund policies and practices. Some money transmitters only notify a sender if their money transfer has been picked up by the intended receiver; and, never notify a sender if their money transfer was not picked up. In these instances, unless a sender very carefully tracks or is in constant communication with the intended receiver, the sender may not know if they should ask for a refund. Refunds are not automatically processed. By requiring money transmitters and/or money transmitter services to automatically refund a non-completed transfer after 60 days would enhance consumer protection.
Legislative history
New Legislation, 2013.
Fiscal implications
None to the State.
Effective date
This act shall take effect on the 120th day after it shall have become a law; provided, however, that effective immediately, the addition, amendment and/or repeal of any rule or regulation authorized and directed to be made and completed on or before such effective date.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.