Bill Text: NY S02109 | 2019-2020 | General Assembly | Amended

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Bill Title: 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.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2019-10-03 - SIGNED CHAP.324 [S02109 Detail]

Download: New_York-2019-S02109-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         2109--A
            Cal. No. 183

                               2019-2020 Regular Sessions

                    IN SENATE

                                    January 22, 2019
                                       ___________

        Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
          printed to be committed to the Committee on Banks -- reported  favora-
          bly  from  said committee, ordered to first and second report, ordered
          to a third reading, passed by Senate and delivered  to  the  Assembly,
          recalled,  vote  reconsidered,  restored to third reading, amended and
          ordered reprinted, retaining its place in the order of third reading

        AN ACT to amend the banking law, in relation to remittances of moneys by
          agents of licensed transmitters of money

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  The opening paragraph of section 651-a of the banking law
     2  is designated subdivision 1 and a new subdivision 2 is added to read  as
     3  follows:
     4    2. Every agent of a licensee shall remit all moneys owed such licensee
     5  in  accordance  with  the terms of the contract between the licensee and
     6  such agent. Any intentional or negligent failure of an  agent  to  remit
     7  all  moneys  due and owing the licensee within the time provided in such
     8  contract shall result in the agent's civil liability to the licensee for
     9  three times the licensee's damages. The  superintendent  may,  by  rule,
    10  establish the maximum period of time for remittance.
    11    § 2. This act shall take effect on the one hundred eightieth day after
    12  it shall have become a law.  Effective immediately, the addition, amend-
    13  ment and/or repeal of any rule or regulation necessary for the implemen-
    14  tation  of  this act on its effective date are authorized to be made and
    15  completed on or before such effective date.



         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05855-03-9