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NY A06940

Bill

Official Source

Status

Introduced

4/25/2013

Primary Sponsor

Karim Camara

Click for details

Origin

Assembly

2013-2014 General Assembly

AI Summary

  • Requires agents of licensed money transmitters to remit all moneys owed to the licensee in accordance with the contract terms between the agent and licensee
  • Establishes civil liability for agents who fail to remit moneys due within the contractual timeframe, with damages set at three times the licensee's actual damages
  • Authorizes the superintendent of banks to establish maximum remittance periods by rule
  • Takes effect 180 days after becoming law, with immediate authorization for necessary implementing rules and regulations

Legislative Description

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.

Last Action

referred to banks

1/8/2014

Committee Referrals

Banks4/25/2013

Full Bill Text

No bill text available