Bill > S00177

This bill amends the banking law in New York to require money transmitters to provide a clear and prominent warning to consumers before completing a money transfer. The warning must include information alerting consumers about common fraud schemes, such as lottery winnings, credit card guarantees or loans, and offers from unknown or unverifiable persons. The warning must be presented in a way that is easily readable and understandable for an average consumer. The bill exempts certain electronic funds transfers where the funds are not directly transferred to another person or made with a gift certificate. Violations of the warning requirement can result in civil penalties.