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This entry was published on 2020-04-03
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SECTION 651-A
Remittances
Banking (BNK) CHAPTER 2, ARTICLE 13-B
§ 651-a. Remittances. 1. Each agent of a licensee which sells any New
York instruments or New York traveler's checks issued by such licensee
shall, and each licensee shall so require each of its agents which sells
any New York instruments or New York traveler's checks issued by such
licensee to report such sale and remit the face amount of New York
instruments and New York traveler's checks to such licensee within such
period of time as the licensee requires within the normal course of its
business or as the superintendent, by rule or regulation, may prescribe.
For purposes of this section, remittance shall include either direct
payment of such funds to the licensee or the deposit of such funds in a
banking organization, national bank, federal savings bank, federal
savings and loan association, federal credit union, or a banking
institution chartered under the laws of another state or country, in an
account in the name of such licensee specifically established for the
purpose of receiving such funds. Remittance by such agent to such
licensee or deposit by such agent in such account or its equivalent of
funds in advance of the sale of such New York instruments and New York
traveler's checks, in an amount not less than the amount said agent
would normally receive from such sales of New York instruments and New
York traveler's checks, shall be deemed compliance with the provisions
of this section.

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.