Bill > A05864

This bill requires money transmitters to provide a clear and conspicuous consumer fraud warning to consumers before initiating a money transfer transaction. The bill also mandates that money transmitters provide annual fraud prevention training for their agents, monitor agent activity related to consumer funds transfers, and establish a toll-free number for consumers to report fraud or suspected fraud. The warning requirement does not apply to electronic funds transfers where the funds are not directly transferred to another person or immediately available for use. Violations of the bill's provisions are subject to civil penalties of up to $250 for the first violation and $500 for each subsequent violation.