Bill > A00390

This bill requires money transmission businesses to take several steps to protect consumers from fraud when sending money. Specifically, these businesses must provide a clear and conspicuous consumer fraud warning before initiating a money transfer transaction and on all transfer forms, provide annual fraud prevention training to their agents, monitor agent activity related to consumer fund transfers, and establish a toll-free number for consumers to report potential fraud. The warning must be given when a consumer requests to transfer funds in-person, by telephone, or electronically. The bill excludes electronic funds transfers where money is not directly transferred to another person and is not immediately available for use. Businesses that violate these requirements will face civil penalties, with a first-time violation resulting in a $250 fine and subsequent violations incurring a $500 fine. The law will go into effect 180 days after it is signed, giving businesses time to implement the new requirements.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A390