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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352
2017-2018 Regular Sessions
IN SENATE(Prefiled)
January 4, 2017
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Introduced by Sen. PERALTA -- read twice and ordered printed, and when
printed to be committed 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.
LBD00074-01-7
