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NY A06582
Bill
Status
Introduced
3/27/2015
Primary Sponsor
Victor Pichardo
Click for details
AI Summary
- Requires agents of licensed money transmitters to remit all moneys owed to the licensee according to the contractual terms between them
- Agents who fail to remit moneys within the time period specified in the contract are liable to the licensee for three times the licensee's damages
- Authorizes the superintendent of financial services to establish maximum remittance periods by rule
- Takes effect 180 days after enactment, with rules and regulations to be completed by the 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
1/6/2016
Committee Referrals
Banks3/27/2015
Full Bill Text
No bill text available