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.
STATE OF NEW YORK
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1826--A
2019-2020 Regular Sessions
IN ASSEMBLY
January 17, 2019
___________
Introduced by M. of A. PICHARDO, TAYLOR, ARROYO, EPSTEIN -- read once
and referred to the Committee on Banks -- committee discharged, bill
amended, ordered reprinted as amended and recommitted to said commit-
tee
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 intentional or negligent failure of an agent to remit
7 all moneys due and owing the licensee within the time provided in such
8 contract shall result in the agent's civil liability to the licensee for
9 three times the licensee's damages. The superintendent may, by rule,
10 establish the maximum 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. Effective immediately, the addition, amend-
13 ment and/or repeal of any rule or regulation necessary for the implemen-
14 tation of this act on its effective date are authorized to be made and
15 completed on or before such effective date.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD05855-02-9
