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 - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions
Votes

co-Sponsors

2013-S3930 (ACTIVE) - Details

See Assembly Version of this Bill:
A6940
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd ยง651-a, Bank L
Versions Introduced in Other Legislative Sessions:
2015-2016: S1279, A6582
2017-2018: S352, A6124
2019-2020: S2109, A1826

2013-S3930 (ACTIVE) - 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.

2013-S3930 (ACTIVE) - Sponsor Memo

2013-S3930 (ACTIVE) - 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


              

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.