New York A 5730: Authorizes a mandatory referendum where a legislative body of a local government is amending or adopting local laws relating to an increase in taxes pursuant to state authority

Bill Text

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 Speaker Carl E. Heastie

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A05730 Summary:

BILL NOA05730 

&nbsp

SAME ASSAME AS S09661

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SPONSORLee

&nbsp

COSPNSRLemondes, Otis, Glick

&nbsp

MLTSPNSR

&nbsp

Add §399-jj, Gen Bus L; amd §403, Fin Serv L

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Directs every peer-to-peer mobile service to require users to create a personal identification code associated with the user's account that is required to be used when certain actions are taken and to require users to set a monetary amount for intended transfers above which the use of a personal identification number will be required to authenticate the user's identity.

Go to top A05730 Actions:

BILL NOA05730 

&nbsp

02/20/2025referred to consumer affairs and protection

01/07/2026referred to consumer affairs and protection

Go to topA05730 Committee&nbspVotes:

Go to topA05730 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA05730 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5730

 2025-2026 Regular Sessions

 IN ASSEMBLY

 February 20, 2025
 ___________

 Introduced by M. of A. LEE, LEMONDES, OTIS, GLICK -- read once and
 referred to the Committee on Consumer Affairs and Protection

 AN ACT to amend the general business law, in relation to peer-to-peer
 mobile payment service security; and to amend the financial services
 law, in relation to authorizing the financial frauds and consumer
 protection unit to enforce such provisions

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. This act shall be known and may be cited as the "Financial
 2 App Security Act".
 3 § 2. The general business law is amended by adding a new section 399-
 4 jj to read as follows:
 5 § 399-jj. Peer-to-peer mobile payment service security. 1. For the
 6 purposes of this section:
 7 (a) "Peer-to-peer mobile service" means any app or app service
 8 provided directly to users by an entity that is not an insured deposito-
 9 ry institution and that:
 10 (1) directly or indirectly receives and holds money belonging to
 11 users, or that facilitates transactions between insured depository
 12 institutions but exists separately from said institutions; and
 13 (2) whose primary functionality is to allow users to send and receive
 14 money through their mobile devices from a linked bank account or credit
 15 card or debit card using a recipient's cell phone number or email
 16 address or username.
 17 (b) "Biometric authentication" means either fingerprint or face iden-
 18 tification for access to a service, or verification of an in-app action.
 19 2. Every peer-to-peer mobile service shall require users to create a
 20 personal identification code associated with the user's account that is
 21 a minimum of four numeric characters associated with the user's account.
 22 When certain actions are taken, including but not limited to, actions
 23 defined in subdivision four of this section, the personal identification
 24 number must be used to authenticate the user's identity. The use of
 25 such personal identification code may not be substituted for any form of
 26 biometric authentication.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD01953-01-5

 A. 5730 2

 1 3. Every peer-to-peer mobile service shall require users to set a
 2 monetary amount for intended transfers above which the use of a personal
 3 identification number will be required to authenticate the user's iden-
 4 tity and provide an option for users to opt-in of such requirement.
 5 4. The following actions require use of a personal identification
 6 number when using a peer-to-peer mobile service:
 7 (a) any payment transaction initiated by the user exceeding the mone-
 8 tary limit set by said user;
 9 (b) payment transactions initiated by the user that would bring said
 10 users twenty-four-hour payment transaction amount exceeding the monetary
 11 limit set by said user starting from the first transaction;
 12 (c) payment transactions initiated by the user to another user whose
 13 account was created less than twenty-four hours prior to said trans-
 14 action;
 15 (d) any payment transactions initiated by the user after three
 16 successful payment transactions initiated by the user have been made