Bill
S 4570
Overview: S 4570, Enacts the New York state money transmission disclosure act, REFERRED TO BANKS, Introduced: June 05, 2025Purpose and Intent: The main goal of this bill is to enha
Overview: S 4570, Enacts the New York state money transmission disclosure act, REFERRED TO BANKS, Introduced: June 05, 2025
Purpose and Intent: The main goal of this bill is to enhance transparency and consumer protection in the money transmission industry in New York. It aims to require money transmitters to provide clear and comprehensive disclosures to customers about the fees, exchange rates, and other terms associated with their services.
Key Provisions:
- Mandates that money transmitters disclose all fees, including any third-party fees, that a customer may incur for a transaction
- Requires disclosure of the exchange rate that will be used for currency conversions
- Obligates transmitters to provide customers with a receipt detailing the total cost of the transaction
- Grants the Department of Financial Services the authority to promulgate regulations to implement the disclosure requirements
Affected Parties and Impacts:
- Consumers who use money transmission services in New York will benefit from increased transparency and the ability to make more informed decisions
- Money transmitters operating in the state will be required to comply with the new disclosure rules, which may impact their business practices and costs
Procedural and Timeline Considerations:
The bill has been referred to the Senate Banks Committee for further consideration. If passed by the legislature and signed into law, the Department of Financial Services would be tasked with developing the specific disclosure regulations.
Compiled from official sources — confirm details with the bill’s official record.
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