New York A 390: Requires transmitters of money to provide a certain warning to consumers

Bill Text

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A00390 Summary:

BILL NOA00390A

&nbsp

SAME ASSAME AS S02040

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SPONSORStirpe

&nbsp

COSPNSRSayegh, Santabarbara, Taylor, Weprin, Burdick, Steck

&nbsp

MLTSPNSR

&nbsp

Add §652-c, Bank L

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

Go to top A00390 Actions:

BILL NOA00390A

&nbsp

01/08/2025referred to banks

01/07/2026referred to banks

05/06/2026amend and recommit to banks

05/06/2026print number 390a

Go to topA00390 Committee&nbspVotes:

Go to topA00390 Floor&nbspVotes:

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

Go to topA00390 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 390--A

 2025-2026 Regular Sessions

 IN ASSEMBLY

 (Prefiled)

 January 8, 2025
 ___________

 Introduced by M. of A. STIRPE, SAYEGH, SANTABARBARA, TAYLOR, WEPRIN,
 BURDICK, STECK -- read once and referred to the Committee on Banks --
 recommitted to the Committee on Banks in accordance with Assembly Rule
 3, sec. 2 -- committee discharged, bill amended, ordered reprinted as
 amended and recommitted to said committee

 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:

 1 Section 1. The banking law is amended by adding a new section 652-c to
 2 read as follows:
 3 § 652-c. Required warning. 1. A person engaged in the business of
 4 receiving money for transmission or transmitting money by wire or elec-
 5 tronic transfer which, at the request of an individual who in-person, by
 6 telephone or electronic means transmits funds to another person, busi-
 7 ness or entity, shall clearly and prominently warn the person requesting
 8 the transmission prior to completing such transmission of funds. Such
 9 warning shall include, but not be limited to, the following information:
 10 (a) a title in bold, capital letters saying "Warning: do not fall
 11 victim to consumer fraud.";
 12 (b) questions or information that alert a consumer about the dangers
 13 of sending funds for lottery winnings, credit card guarantees or loans,
 14 internet or phone offers, to persons unknown to the consumer or persons
 15 whose identity the consumer cannot verify and any other fraud alert;
 16 (c) information about how to ask questions of the sales clerk or
 17 representative; and
 18 (d) information about how to stop a transfer.
 19 2. For the purposes of this section, "clearly and prominently" means:
 20 (a) in written communications, including print and those made through an
 21 electronic medium (such as video and interactive media including, but

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD01505-03-6

 A. 390--A 2

 1 not limited to, the internet, online services, and electronic mail) the
 2 warning shall appear on the same form as the form used to authorize the
 3 transmission of funds, or if no written form is used, via a sign in a
 4 location reasonably designed to provide such notice, shall be in a type
 5 size sufficiently noticeable for an ordinary consumer to read and
 6 comprehend the written warning and shall be in a type that contrasts
 7 with the background against which the written warning appears; and (b)
 8 in oral communications, the warning shall be delivered in a volume and
 9 cadence sufficient for an ordinary consumer to hear and comprehend. If
 10 any communication is presented solely through oral, written or visual
 11 means, the warning shall be made through the same means.
 12 3. The warning required by this section shall not apply to an elec-
 13 tronic funds transfer in which funds are not transferred directly to
 14 another person and are not available for immediate use, nor shall any
 15 warning be required in an electronic funds transfer made with a gift
 16 certificate as defined in section three hundred ninety-six-i of the
 17 general business law.
 18 4. A violation of the provisions of this section shall be punishable
 19 by a civil penalty of not more than two hundred fifty dollars for the
 20 first violation and five hundred dollars for each subsequent violation.
 21 §