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NY A06124
Bill
Status
Introduced
2/23/2017
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 contract terms between the agent and licensee
- Imposes civil liability on agents who fail to remit moneys within the contractual timeframe, with damages equal to three times the licensee's actual damages
- Authorizes the superintendent of banks to establish maximum remittance timeframes by regulation
- Takes effect 180 days after becoming law, with 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
1/3/2018
Committee Referrals
Banks2/23/2017
Full Bill Text
No bill text available