senate Bill S2109A

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

Current Bill Status - Signed by Governor


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

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Actions

view actions (20)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Oct 03, 2019 signed chap.324
Oct 01, 2019 delivered to governor
Jun 17, 2019 returned to senate
passed assembly
ordered to third reading rules cal.241
substituted for a1826a
Jun 14, 2019 referred to codes
returned to assembly
repassed senate
Jun 11, 2019 amended on third reading 2109a
Jun 11, 2019 vote reconsidered - restored to third reading
Jun 10, 2019 returned to senate
recalled from assembly
Mar 07, 2019 referred to banks
delivered to assembly
passed senate
Mar 04, 2019 advanced to third reading
Feb 28, 2019 2nd report cal.
Feb 27, 2019 1st report cal.183
Jan 22, 2019 referred to banks

Votes

view votes

Feb 27, 2019 - Banks committee Vote

S2109
10
1
committee
10
Aye
1
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Committee Vote: Feb 27, 2019

nay (1)

S2109 - Details

See Assembly Version of this Bill:
A1826
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
2017-2018: S352, A6124

S2109 - 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.

S2109 - Sponsor Memo

S2109 - Bill Text download pdf


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  2109

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                            January 22, 2019
                               ___________

Introduced  by  Sen. SANDERS -- 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.  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

S2109A (ACTIVE) - Details

See Assembly Version of this Bill:
A1826
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
2017-2018: S352, A6124

S2109A (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.

S2109A (ACTIVE) - Sponsor Memo

S2109A (ACTIVE) - Bill Text download pdf


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 2109--A
    Cal. No. 183

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                            January 22, 2019
                               ___________

Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
  printed to be committed to the Committee on Banks -- reported  favora-
  bly  from  said committee, ordered to first and second report, ordered
  to a third reading, passed by Senate and delivered  to  the  Assembly,
  recalled,  vote  reconsidered,  restored to third reading, amended and
  ordered reprinted, retaining its place in the order of third reading

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.
                                                           LBD05855-03-9

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