Bill Text: NY A06940 | 2013-2014 | General Assembly | Introduced

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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 1-0)

Status: (Introduced - Dead) 2014-01-08 - referred to banks [A06940 Detail]

Download: New_York-2013-A06940-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         6940
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                    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    S 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