Bill Text: NY S00352 | 2017-2018 | 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: (Engrossed - Dead) 2018-01-29 - referred to banks [S00352 Detail]

Download: New_York-2017-S00352-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                           352
                               2017-2018 Regular Sessions
                    IN SENATE
                                       (Prefiled)
                                     January 4, 2017
                                       ___________
        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