Bill > A00390

This bill requires businesses that transmit money, whether in person, by phone, or electronically, to provide a clear and prominent warning to consumers before completing a money transfer, informing them about potential fraudulent activities such as scams involving lottery winnings, credit card guarantees, loans, or online offers from unknown individuals. The warning must include a bold title stating "Warning: do not fall victim to consumer fraud," questions to alert consumers to common dangers, information on how to ask questions of the representative, and instructions on how to stop a transfer. "Clearly and prominently" means the warning must be easily readable in written communications, appearing on the same form or a visible sign, and audible in oral communications. This requirement does not apply to certain electronic fund transfers where funds are not directly transferred to another person or are not immediately available, nor to transfers made with gift certificates. Violations will result in civil penalties of up to $250 for a first offense and $500 for subsequent offenses.