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S.F. No. 247 - Money Transmitters (Second Engrossment)
 
Author: Senator Terri E. Bonoff
 
Prepared By:
 
Date: April 4, 2013



 

Section 1 is a data privacy statutory cross-reference.

Section 2 requires the commissioner of commerce to create an electronic list of individuals for whom money transmitters may not make money transmissions ("No Transmit List").  Describes how the list is populated, how long an individual remains on the list, and how an individual gets off the list. Data on individuals in the "No Transmit List" and requests related to the list are private data on individuals.

Section 3 requires a money transmitter to submit a "suspicious activity report" under the Bank Secrecy Act when the transmitter requests that the commissioner put a name on the list.

Section 4 authorizes the commissioner, after consulting with licensed money transmitters, to establish a maximum transaction amount for transmissions to countries with a high incidence of schemes to defraud.

Section 5 requires a money transmitter, upon request of a sender of a transmission, to promptly notify the sender if it receives notice that a person has attempted to receive a transfer at a location other than specified. Money transmitters are prohibited from authorizing receipt of transfer at location not specified in writing by the sender at time of transmission unless money transmitter has received authorization from the sender.

Section 6 requires a money transmitter to provide the sender a written verification of where the transfer was received and the name of the recipient upon request.

Section 7 provides that the act is effective January 1, 2014, and applies to money transfers initiated on or after that date.

CBS/tg

 

 
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