New York payments and fintech laws

What it would do: Requires credit card issuers to provide cardholders written notice via email, text message, or letter at least thirty days before closing, cancelling, or terminating their account, with exceptions for fraud, delinquency, bankruptcy, death, or legal/governmental requirements.

What it would do: Requires the superintendent of financial services to analyze the financial stability of the check cashing industry within 180 days and review the licensing system for check cashing licensees, including costs and processing times, with recommendations for improvement.

What it would do: Requires crypto kiosk and cashier crypto exchange operators in New York to obtain a license and comply with regulations including 72-hour transaction holds over $1,500, fraud refunds, customer service requirements, transaction limits of $1,000 per 24 hours, and anti-money laundering measures.

What it would do: Requires merchants selling gift certificates in-person to conceal visible card numbers or use anti-tampering technology, mandates employee training on gift certificate scams, and requires third-party resellers of open loop gift certificates to record and maintain transaction details for three years.

What it would do: Prohibits banks, out-of-state banks operating in New York, foreign banking corporations, and ATM operators from imposing fees or surcharges on consumers for electronic benefit transfer services using state-issued benefit cards, effective 180 days after enactment for new contracts.

What it would do: Prohibits casinos and colleges from knowingly allowing automated teller machines on their premises that charge fees or surcharges exceeding a fair and reasonable amount to be set by the superintendent of the department of financial services, with civil penalties up to $250 per violation.

What it would do: Requires money transmitters to provide consumers with a clear, prominent warning before completing wire or electronic fund transfers, including information about fraud risks and how to stop transfers, with civil penalties of up to $250 for first violations and $500 for subsequent violations.

What it would do: Requires peer-to-peer mobile payment services to implement security measures including a minimum four-digit personal identification code, biometric authentication options, monetary transfer limits, and additional verification for suspicious transactions. Services that do not comply are prohibited from operating in New York.

What it would do: Requires licensed money transmitters to verify transaction initiators' social security numbers or taxpayer identification numbers for international wire transfers, and imposes a fee of at least 20 percent on transfers of $1,000 or more when such documentation cannot be provided.

What it would do: Prohibits payment card networks from assessing penalties against small businesses or financial intermediaries for violating credit card surcharge notice requirements, and voids any contract clauses that would impose such penalties.

What it would do: Replaces the authorized payment methods for mobile sports wagering accounts with a specific list: automated clearing house transfers, wire transfers, personal checks, debit cards drawn from personal bank accounts, and in-person cash deposits at casinos, while prohibiting operators from extending credit.

What it would do: Requires payment card networks to exclude state and local taxes and gratuities from the transaction amount used to calculate interchange fees, either by deducting them at settlement or providing a rebate proportionate to those amounts.

What it would do: Adds section 408-b to Financial Services Law making unlicensed virtual currency business activity a class A misdemeanor, with enhanced felony penalties based on transaction volume thresholds or involvement of criminal proceeds.

What it would do: Creates a new regulatory framework for on-demand pay providers in New York, requiring employer-integrated providers to register with the superintendent and comply with specified requirements, while treating non-verified providers as lenders subject to existing loan regulations with interest rates capped at ten percent per year.

What it would do: Requires retail stores that primarily sell food for off-site consumption or include a pharmacy and accept credit or debit cards to also accept flexible benefit cards for eligible items, with civil penalties of $250 for first violations and $500 for subsequent violations within 18 months.

What it would do: Prohibits New York City agencies and departments from imposing surcharges on holders who use credit or debit cards to pay fines, civil penalties, or fees, while allowing agencies to charge reasonable fees not exceeding actual transaction costs.

What it would do: Requires banking organizations to report annually on overdraft and non-sufficient funds fee revenue, prohibits imposing such fees within ten days of a transaction, prevents charging overdraft fees on debit card transactions that were positive at authorization, and limits overdraft protection transfer fees to one per transaction.

What it would do: Requires retail establishments and food service establishments to accept United States currency as payment and prohibits discrimination against cash buyers by requiring credit cards or electronic payment devices, with fines up to five hundred dollars for violations.

What it would do: Prohibits food-service and retail establishments from refusing cash payment as policy. Violators face civil penalties of up to $2,500 for the first violation and up to $5,000 for each subsequent violation.

What it would do: Creates Article 29-BBBB of General Business Law regulating credit card terminal finance leases, requiring clear disclosure of relationships and terms, separate service agreements, three-day cancellation rights, and imposing five thousand dollar civil penalties per violation.

What it would do: Prohibits issuers, payment card networks, acquirer banks, and processors from charging interchange fees on tax and gratuity amounts in electronic payment transactions when merchants provide such data during authorization or settlement, with civil penalties of one thousand dollars per violation.

What it would do: Creates a licensing and regulatory framework for buy-now-pay-later lenders in New York, requiring licensure from the superintendent, prohibiting interest and fees, mandating consumer protections including disclosures and ability-to-repay determinations, and establishing penalties for violations.

What it would do: Caps interest rates on credit cards issued by New York state banking institutions to individuals in the state at 10 percent per annum for personal use, voids rates exceeding this maximum, and prohibits using credit cards with rates above this limit. Expires after 5 years.