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NY S00352
Bill
Status
3/23/2017
Primary Sponsor
Jose Peralta
Click for details
AI Summary
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Amends Banking Law section 651-a to require agents of licensed money transmitters to remit all moneys owed to the licensee in accordance with their contract terms.
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Establishes civil liability for agents who fail to remit moneys due within the time period specified in their contract, with damages equal to three times the licensee's actual damages.
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Authorizes the superintendent of financial services to establish rules setting the maximum period of time for remittance by regulation.
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Takes effect 180 days after enactment, with authorization for the superintendent to complete necessary rules and regulations immediately upon passage.
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
1/29/2018