Assembly Bill A1826A

Signed By Governor
2019-2020 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 Via S2109 - Signed by Governor

  • 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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Bill Amendments

co-Sponsors

2019-A1826 - Details

See Senate Version of this Bill:
S2109
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
2017-2018: A6124, S352

2019-A1826 - 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.

2019-A1826 - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1826
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 17, 2019
                                ___________
 
 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.  Effective immediately, the addition, amend-
 ment and/or repeal of any rule or regulation necessary for the implemen-
 tation of this act on its effective date are authorized to be  made  and
 completed on or before such effective date.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05855-01-9

co-Sponsors

2019-A1826A (ACTIVE) - Details

See Senate Version of this Bill:
S2109
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
2017-2018: A6124, S352

2019-A1826A (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.

2019-A1826A (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  1826--A
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 17, 2019
                                ___________
 
 Introduced  by  M.  of A. PICHARDO, TAYLOR, ARROYO, EPSTEIN -- read once
   and referred to the Committee on Banks -- committee  discharged,  bill
   amended,  ordered reprinted as amended and recommitted to said commit-
   tee
 
 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 INTENTIONAL OR NEGLIGENT 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 MAXIMUM PERIOD OF TIME FOR REMITTANCE.
   § 2. This act shall take effect on the one hundred eightieth day after
 it shall have become a law.  Effective immediately, the addition, amend-
 ment and/or repeal of any rule or regulation necessary for the implemen-
 tation  of  this act on its effective date are authorized to be made and
 completed on or before such effective date.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05855-02-9

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