A08188 Summary:

BILL NOA08188
 
SAME ASNo Same As
 
SPONSORPirozzolo
 
COSPNSRBlankenbush, DeStefano, Chang, Manktelow
 
MLTSPNSR
 
Add §651-c, Bank L
 
Imposes a fee of not less than twenty per centum of transaction amounts equal to or exceeding one thousand dollars on customers who initiate international wire transfers without a valid social security number or taxpayer identification number.
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A08188 Actions:

BILL NOA08188
 
10/27/2023referred to banks
01/03/2024referred to banks
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A08188 Committee Votes:

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A08188 Floor Votes:

There are no votes for this bill in this legislative session.
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A08188 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          8188
 
                               2023-2024 Regular Sessions
 
                   IN ASSEMBLY
 
                                    October 27, 2023
                                       ___________
 
        Introduced  by  M.  of  A.  PIROZZOLO  --  read once and referred to the
          Committee on Banks
 
        AN ACT to amend the banking law,  in  relation  to  imposing  a  fee  on
          customers  who  initiate  international wire transfers without a valid
          social security number or taxpayer identification number

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section 1. The banking law is amended by adding a new section 651-c to
     2  read as follows:
     3    §  651-c.  Requirements  and fees for international wire transfers. 1.
     4  Licensed money transmitters, as defined pursuant to section six  hundred
     5  forty-one  of  this  article,  shall be required to verify a transaction
     6  initiator's social security number or taxpayer identification number for
     7  the purposes of an international wire transfer.
     8    2. If a transaction initiator is unable to provide  either  documenta-
     9  tion  item  required  pursuant  to subdivision one of this section, such
    10  transaction initiator shall be subject to a fee of not less than  twenty
    11  per  centum  of  transaction  amounts equal to or exceeding one thousand
    12  dollars.
    13    3. The superintendent shall  be  required  to  develop  all  necessary
    14  rules,  regulations, and forms necessary to safeguard sensitive customer
    15  information.
    16    4. Notwithstanding any other provision of law  to  the  contrary,  all
    17  revenues  collected  pursuant  to  this section shall be credited to the
    18  state general fund.
    19    § 2. This act shall take effect on the one hundred eightieth day after
    20  it shall have become a law.
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13414-01-3
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