Assembly Bill A6582

2015-2016 Legislative Session

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

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

2015-A6582 (ACTIVE) - Details

See Senate Version of this Bill:
S1279
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd ยง651-a, Bank L
Versions Introduced in Other Legislative Sessions:
2013-2014: A6940, S3930
2017-2018: A6124, S352
2019-2020: A1826, S2109

2015-A6582 (ACTIVE) - Summary

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.

2015-A6582 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  6582

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                             March 27, 2015
                               ___________

Introduced by M. of A. PICHARDO -- read once and referred to the Commit-
  tee on Banks

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:

  Section 1. The opening paragraph of section 651-a of the  banking  law
is  designated subdivision 1 and a new subdivision 2 is added to read as
follows:
  2. EVERY AGENT OF A LICENSEE SHALL REMIT ALL MONEYS OWED SUCH LICENSEE
IN ACCORDANCE WITH THE TERMS OF THE CONTRACT BETWEEN  THE  LICENSEE  AND
SUCH  AGENT.  ANY  FAILURE OF AN AGENT TO REMIT ALL MONEYS DUE AND OWING
THE LICENSEE WITHIN THE TIME PROVIDED IN SUCH CONTRACT SHALL  RESULT  IN
THE  AGENT'S  CIVIL  LIABILITY  TO  THE  LICENSEE  FOR  THREE  TIMES THE
LICENSEE'S DAMAGES. THE SUPERINTENDENT MAY, BY RULE, ESTABLISH THE MAXI-
MUM PERIOD OF TIME FOR REMITTANCE.
  S 2. This act shall take effect on the one hundred eightieth day after
it shall have become a law; provided, that, effective  immediately,  any
rules  and regulations necessary to implement the provisions of this act
on its effective date are authorized and directed to be completed on  or
before such date.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00324-01-5

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.