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Assembly Bill A6124

2017-2018 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

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Archive: Last Bill Status - In Assembly Committee

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2017-A6124 (ACTIVE) - Details

See Senate Version of this Bill:
S352
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd §651-a, Bank L
Versions Introduced in Other Legislative Sessions:
2013-2014: A6940, S3930
2015-2016: A6582, S1279
2019-2020: A1826, S2109

2017-A6124 (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.

2017-A6124 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6124
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 23, 2017
                                ___________
 
 Introduced by M. of A. PICHARDO -- read once and referred to the Commit-
   tee 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.
   § 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.
                                                            LBD00074-01-7

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