senate Bill S3930

2013-2014 Legislative Session

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

download bill text pdf

Sponsored By

Archive: Last Bill Status -


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (16)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 29, 2014 referred to banks
delivered to assembly
passed senate
May 13, 2014 advanced to third reading
May 12, 2014 2nd report cal.
May 07, 2014 1st report cal.596
Jan 08, 2014 referred to banks
returned to senate
died in assembly
Jun 12, 2013 referred to banks
delivered to assembly
passed senate
Jun 11, 2013 advanced to third reading
Jun 10, 2013 2nd report cal.
Jun 05, 2013 1st report cal.1131
Feb 27, 2013 referred to banks

Votes

view votes

May 7, 2014 - Banks committee Vote

S3930
19
0
committee
19
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Banks committee vote details

Jun 5, 2013 - Banks committee Vote

S3930
14
0
committee
14
Aye
0
Nay
5
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Banks committee vote details

Co-Sponsors

S3930 - Details

See Assembly Version of this Bill:
A6940
Law Section:
Banking Law
Laws Affected:
Amd ยง651-a, Bank L

S3930 - Summary

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.

S3930 - Sponsor Memo

S3930 - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  3930

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            February 27, 2013
                               ___________

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:

  Section  1.  The opening paragraph of section 651-a of the banking law
is designated subdivision 1 and a new subdivision 2 is added to read  as
follows:
  2. EVERY AGENT OF A LICENSEE SHALL REMIT ALL MONEYS OWED SUCH LICENSEE
IN  ACCORDANCE  WITH  THE TERMS OF THE CONTRACT BETWEEN THE LICENSEE AND
SUCH AGENT. ANY FAILURE OF AN AGENT TO REMIT ALL MONEYS  DUE  AND  OWING
THE  LICENSEE  WITHIN THE TIME PROVIDED IN SUCH CONTRACT SHALL RESULT IN
THE AGENT'S  CIVIL  LIABILITY  TO  THE  LICENSEE  FOR  THREE  TIMES  THE
LICENSEE'S DAMAGES. THE SUPERINTENDENT MAY, BY RULE, ESTABLISH THE MAXI-
MUM PERIOD OF TIME FOR REMITTANCE.
  S 2. This act shall take effect on the one hundred eightieth day after
it  shall  have become a law; provided, that, effective immediately, any
rules and regulations necessary to implement the provisions of this  act
on  its effective date are authorized and directed to be completed on or
before such date.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09338-01-3

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