A06940 Summary:

BILL NOA06940
 
SAME ASSAME AS S03930
 
SPONSORCamara
 
COSPNSR
 
MLTSPNSR
 
Amd S651-a, Bank L
 
Requires agents of licensed money transmitters to remit moneys to the licensee within the time frame provided in the contract between the agent and the licensee; makes agents liable for treble damages for failure to remit moneys in a timely manner.
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A06940 Actions:

BILL NOA06940
 
04/25/2013referred to banks
01/08/2014referred to banks
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A06940 Floor Votes:

There are no votes for this bill in this legislative session.
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A06940 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          6940
 
                               2013-2014 Regular Sessions
 
                   IN ASSEMBLY
 
                                     April 25, 2013
                                       ___________
 
        Introduced by M. of A. CAMARA -- read once and referred to the Committee
          on Banks
 
        AN ACT to amend the banking law, in relation to remittances of moneys by
          agents of licensed transmitters of money
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 

     1    Section 1. The opening paragraph of section 651-a of the  banking  law
     2  is  designated subdivision 1 and a new subdivision 2 is added to read as
     3  follows:
     4    2. Every agent of a licensee shall remit all moneys owed such licensee
     5  in accordance with the terms of the contract between  the  licensee  and
     6  such  agent.  Any  failure of an agent to remit all moneys due and owing
     7  the licensee within the time provided in such contract shall  result  in
     8  the  agent's  civil  liability  to  the  licensee  for  three  times the
     9  licensee's damages. The superintendent may, by rule, establish the maxi-
    10  mum period of time for remittance.
    11    § 2. This act shall take effect on the one hundred eightieth day after
    12  it shall have become a law; provided, that, effective  immediately,  any

    13  rules  and regulations necessary to implement the provisions of this act
    14  on its effective date are authorized and directed to be completed on  or
    15  before such date.
 
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09338-01-3
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