Senate Bill S352

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

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

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2017-S352 (ACTIVE) - Details

See Assembly Version of this Bill:
A6124
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd §651-a, Bank L
Versions Introduced in Other Legislative Sessions:
2013-2014: S3930, A6940
2015-2016: S1279, A6582
2019-2020: S2109, A1826

2017-S352 (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-S352 (ACTIVE) - Sponsor Memo

2017-S352 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    352
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                                (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:
 
   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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