Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 15, 2016 |
referred to banks delivered to assembly passed senate ordered to third reading cal.1755 committee discharged and committed to rules |
Jan 06, 2016 |
referred to banks returned to senate died in assembly |
Jun 17, 2015 |
referred to banks delivered to assembly passed senate ordered to third reading cal.1702 committee discharged and committed to rules |
Jan 09, 2015 |
referred to banks |
Senate Bill S1279
2015-2016 Legislative Session
Sponsored By
(D, WF) Senate District
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
Actions
Votes
2015-S1279 (ACTIVE) - Details
2015-S1279 (ACTIVE) - Sponsor Memo
BILL NUMBER:S1279 TITLE OF BILL: An act to amend the banking law, in relation to remittances of moneys by agents of licensed transmitters of money PURPOSE: To authorize treble damages in order to deter agents of licensed money transmitters from abusing business relationships and consumer trust by absconding with funds. SUMMARY OF PROVISIONS: Section 1 amends the banking law to impose treble damages for agents of money transmitters who fail to remit moneys within a time period to be established by the superintendent. Section 2 establishes the effective date. JUSTIFICATION: Money transmitters play a critical role in the economy of New York State, providing consumers with safe and secure financial services including money orders, bill payments, and secure local, national and international funds transfers. In order to reach a broad spectrum of consumers, money transmitters transact business through agents who, in turn, provide direct services to a local customer base. As soon as the agent receives funds from the customer, the money transmitter is legally obligated to pay the funds to a beneficiary as directed by the customer, whether or not the money transmitter ever
2015-S1279 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1279 2015-2016 Regular Sessions I N S E N A T E January 9, 2015 ___________ 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. LBD00324-01-5
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.