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Senate bill · S5500 (2025-26)

Relates to peer-to-peer mobile payment service security

Latest action Jun 12, 2025

Summary

Directs every peer-to-peer mobile service to require users to create a personal identification code associated with the user's account that is required to be used when certain actions are taken and to require users to set a monetary amount for intended transfers above which the use of a personal identification number will be required to authenticate the user's identity.

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Where it stands

Passed one of the two chambers; it still needs the other.

  1. Introduced
  2. In committee
  3. Up for a vote
  4. Passed one chamber
  5. Passed
  6. Enacted

New York State Senate

Same as A5730, the matching bill in the Assembly.

Amends the General Business Law.

Committee

Consumer Affairs and Protection · New York State Assembly

Also referred to Internet And Technology · New York State Senate.

Purpose, from the sponsor's memo

To require companies that offer peer-to-peer mobile payment services to enact security measures designed to protect consumers from financial frauds and theft

Filed with the bill. Read it on nysenate.gov (opens in a new tab)

Recorded votes

  • Vote: Floor vote

    NY SenateJun 12, 2025Result: passed

    (58) (1) (0) (4)

  • Vote: Committee vote · Internet And Technology

    Senate Internet And TechnologyMay 27, 2025Result: passed

    (6) (1) (0) (0)

The sponsor's argument

Why the sponsor says this is needed

The Financial App Security Act seeks to amend the General Business Law by adding additional security requirements for mobile financial apps, including certain measures found in traditional banking, in order to continue offering their services in New York. According to New York law enforcement, financial app thefts are signif- icantly increased in recent years. While these apps are popular and widely used, the corporations have a responsibility to limit fraud and abuse of their consumers. Thefts via financial apps often involves an incident where an unauthorized user gains access to unlocked devices and drains bank accounts of significant sums of money. These apps, more than the smartphone itself, is an increasingly lucrative target for scammers and robbers. Thousands of dollars can be taken in mere seconds putting New Yorkers' financial, and sometimes physical safety, at risk. This taw would impose commonsense security measures in place to deter future thefts.

This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.

Full history

  1. Jun 12, 2025

    Sent to the executive

    DELIVERED TO ASSEMBLY

    NY Senate

  2. Jun 12, 2025

    Passed a chamber

    PASSED SENATE

    NY Senate

  3. Jun 12, 2025

    Referred to committee

    REFERRED TO CONSUMER AFFAIRS AND PROTECTION

    NY Assembly

  4. Jun 5, 2025

    Advanced to Third Reading

    ADVANCED TO THIRD READING

    NY Senate

  5. Jun 4, 2025

    2ND Report CAL.

    2ND REPORT CAL.

    NY Senate

Show full history (2 earlier events)
  1. May 29, 2025

    1ST Report CAL.1508

    1ST REPORT CAL.1508

    NY Senate

  2. Feb 21, 2025

    Referred to committee

    REFERRED TO INTERNET AND TECHNOLOGY

    NY Senate

About this record

Summary

The summary comes from NY Open Legislation, the New York State Senate's public record. For more, see How we handle summaries.

Source

From NY Open Legislation, the NY Senate and Assembly, and official rosters. This record was last updated Nov 2, 2026. About our data

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