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NY S03930
Bill
Status
6/12/2013
Primary Sponsor
Jose Peralta
Click for details
AI Summary
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Agents of licensed money transmitters must remit all moneys owed to the licensee in accordance with the contract terms between the agent and licensee.
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Agents who fail to remit moneys due within the time period specified in the contract are civilly liable to the licensee for three times the licensee's damages.
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The Superintendent of Banks may establish rules to set the maximum allowable period of time for remittance.
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The act takes effect 180 days after becoming law, with rules and regulations to be completed by that effective date.
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
5/29/2014