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NY S01279
Bill
Status
6/17/2015
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 contract terms between the licensee and agent
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Agents failing to remit all moneys due within the contractual timeframe become civilly liable to the licensee for three times the licensee's damages
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The Banking Department Superintendent may establish maximum remittance periods by rule
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The act takes effect 180 days after becoming law, 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
6/15/2016