New York legislation · 2025-2026 General Assembly
New York S9661: Relates to peer-to-peer mobile payment service security
Status: In committee, June 5, 2026
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.
What the bill says
An act to amend the general business law, in relation to peer-to-peer mobile payment service security; and to amend the financial services law, in relation to authorizing the financial frauds and consumer protection unit to enforce such provisions.
From the introduced text, March 31, 2026:
AN ACT to amend the general business law, in relation to peer-to-peer mobile payment service security; and to amend the financial services law, in relation to authorizing the financial frauds and consumer protection unit to enforce such provisions THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS: Section 1. This act shall be known and may be cited as the "Financial App Security Act". § 2. The general business law is amended by adding a new section 399jj to read as follows: § 399-JJ. PEER-TO-PEER MOBILE PAYMENT SERVICE SECURITY. 1. FOR THE PURPOSES OF THIS SECTION: (A) "PEER-TO-PEER MOBILE SERVICE" MEANS ANY APP OR APP SERVICE PROVIDED DIRECTLY TO USERS BY AN ENTITY THAT IS NOT AN INSURED DEPOSITORY INSTITUTION AND THAT: (1) DIRECTLY OR INDIRECTLY RECEIVES AND HOLDS MONEY BELONGING TO USERS, OR THAT FACILITATES TRANSACTIONS BETWEEN INSURED DEPOSITORY INSTITUTIONS BUT EXISTS SEPARATELY FROM SAID INSTITUTIONS; AND (2) WHOSE PRIMARY FUNCTIONALITY IS TO ALLOW USERS TO SEND AND RECEIVE MONEY THROUGH THEIR MOBILE DEVICES FROM A LINKED BANK ACCOUNT OR CREDIT CARD OR DEBIT CARD USING A RECIPIENT'S CELL PHONE NUMBER OR EMAIL ADDRESS OR USERNAME. (B) "BIOMETRIC AUTHENTICATION" MEANS EITHER FINGERPRINT OR FACE IDENTIFICATION FOR ACCESS TO A SERVICE, OR VERIFICATION OF AN IN-APP ACTION. 2. EVERY PEER-TO-PEER MOBILE SERVICE …
Sponsors
- Patricia Fahy (D, 46) · primary sponsor
Latest actions
- : COMMITTED TO RULES
- : ADVANCED TO THIRD READING
- : 2ND REPORT CAL.
- : 1ST REPORT CAL.1325
- : REFERRED TO INTERNET AND TECHNOLOGY
Votes
- Senate Internet And Technology Committee: COMMITTEE Vote (May 21, 2026): 6 yea, 1 nay, passed
- Internet And Technology Committee Vote (May 21, 2026): 6 yea, 1 nay, passed
Subjects: General Business Law
Common questions
- What is S9661?
- S9661 is a bill in the New York Legislature (2025-2026 General Assembly): Relates to peer-to-peer mobile payment service security.
- What does S9661 do?
- In its own words: An act to amend the general business law, in relation to peer-to-peer mobile payment service security; and to amend the financial services law, in relation to authorizing the financial frauds and consumer protection unit to enforce such provisions.
- What is the status of S9661?
- In committee as of June 5, 2026. Latest action: COMMITTED TO RULES (June 5, 2026).
- Who sponsored S9661?
- Patricia Fahy (D, 46).
- Where is the official record for S9661?
- On the New York Legislature website: https://www.nysenate.gov/legislation/bills/2025/S9661
Source: official New York record. Tracked by Delilah, AI for legislation across all 50 states and Congress.