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

New York Assembly Bill 1826 (Prior Session Legislation)

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-Amended.html




                STATE OF NEW YORK
        ________________________________________________________________________

                                         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