Bill Text: NY A00148 | 2025-2026 | General Assembly | Introduced

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Bill Title: 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.

Spectrum: Partisan Bill (Republican 5-0)

Status: (Introduced) 2025-01-08 - referred to banks [A00148 Detail]

Download: New_York-2025-A00148-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                           148

                               2025-2026 Regular Sessions

                   IN ASSEMBLY

                                       (Prefiled)

                                     January 8, 2025
                                       ___________

        Introduced by M. of A. PIROZZOLO, BLANKENBUSH, DeSTEFANO, CHANG, MANKTE-
          LOW -- 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.
                                                                   LBD00964-01-5