Senate bill · S9661 (2025-26)

Relates to peer-to-peer mobile payment service security

Latest action Jun 5, 2026

New York State Senate

Same as A5730, the matching bill in the Assembly.

Sponsor

State Senator, District 46 · Democratic

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.

Summary from NY Open Legislation. How we handle summaries

Amends the General Business Law.

From NY Open Legislation, the NY Senate and Assembly, and official rosters. This record was last updated Oct 21, 2026. About our data

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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)

Where it stands

Out of committee and scheduled for a vote by the full chamber.

Introduced
In committee
Up for a vote
Passed one chamber
Passed
Enacted

Committee

Consumer Affairs and Protection · New York State Assembly

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

Cosponsors

Deborah Glick, John Lemondes and 1 more on Agora

Showing the cosponsors who are on Agora, A to Z. The official record may list more.

Read on NY Senate

Democratic2
Republican1

This bill has cosponsors from more than one party.

Shown in neutral colors by design; Agora is non-partisan.

The sponsor's argument

Why Patricia Fahy 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 law 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.

Recorded votes

Vote: Committee vote · Internet And Technology
Senate Internet And TechnologyMay 21, 2026Result: passed
(6) (1) (0) (0)

Full history

Jun 5, 2026
In committee
COMMITTED TO RULES
NY Senate
May 27, 2026
Advanced to Third Reading
ADVANCED TO THIRD READING
NY Senate
May 26, 2026
2ND Report CAL.
2ND REPORT CAL.
NY Senate
May 21, 2026
1ST Report CAL.1325
1ST REPORT CAL.1325
NY Senate
Mar 31, 2026
Referred to committee
REFERRED TO INTERNET AND TECHNOLOGY
NY Senate

Show full history (2 earlier events)

Jan 7, 2026
Referred to committee
REFERRED TO CONSUMER AFFAIRS AND PROTECTION
NY Assembly
Feb 20, 2025
Referred to committee
REFERRED TO CONSUMER AFFAIRS AND PROTECTION
NY Assembly