Bill > S00297

This bill amends the New York banking law to require money transmitters to provide a clear and prominent warning to consumers before completing a money transfer. The warning must include information about common fraud schemes, such as lottery winnings, credit card guarantees, and internet or phone offers from unknown individuals. The warning must also provide information on how to ask questions of the sales clerk and how to stop a transfer. The bill defines "clearly and prominently" for both written and oral communications, and it exempts certain types of electronic funds transfers from the warning requirement. Violations of the law can result in civil penalties of up to $250 for the first violation and $500 for each subsequent violation.