Bill Text: NY A01826 | 2019-2020 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: 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.

Spectrum: Partisan Bill (Democrat 4-0)

Status: (Passed) 2019-10-03 - SIGNED CHAP.324 [A01826 Detail]

Download: New_York-2019-A01826-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          1826
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    January 17, 2019
                                       ___________
        Introduced by M. of A. PICHARDO -- read once and referred to the Commit-
          tee 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.  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.
                                                                   LBD05855-01-9