N.Y. Banking Law § 651-a

§ 651-a. Remittances. * Each agent of a licensee which sells any New\nYork instruments or New York traveler's checks issued by such licensee\nshall, and each licensee shall so require each of its agents which sells\nany New York instruments or New York traveler's checks issued by such\nlicensee to report such sale and remit the face amount of New York\ninstruments and New York traveler's checks to such licensee within such\nperiod of time as the licensee requires within the normal course of its\nbusiness or as the superintendent, by rule or regulation, may prescribe.\nFor purposes of this section, remittance shall include either direct\npayment of such funds to the licensee or the deposit of such funds in a\nbanking organization, national bank, federal savings bank, federal\nsavings and loan association, federal credit union, or a banking\ninstitution chartered under the laws of another state or country, in an\naccount in the name of such licensee specifically established for the\npurpose of receiving such funds. Remittance by such agent to such\nlicensee or deposit by such agent in such account or its equivalent of\nfunds in advance of the sale of such New York instruments and New York\ntraveler's checks, in an amount not less than the amount said agent\nwould normally receive from such sales of New York instruments and New\nYork traveler's checks, shall be deemed compliance with the provisions\nof this section.\n * NB Effective until March 31, 2020\n * 1. Each agent of a licensee which sells any New York instruments or\nNew York traveler's checks issued by such licensee shall, and each\nlicensee shall so require each of its agents which sells any New York\ninstruments or New York traveler's checks issued by such licensee to\nreport such sale and remit the face amount of New York instruments and\nNew York traveler's checks to such licensee within such period of time\nas the licensee requires within the normal course of its business or as\nthe superintendent, by rule or regulation, may prescribe. For purposes\nof this section, remittance shall include either direct payment of such\nfunds to the licensee or the deposit of such funds in a banking\norganization, national bank, federal savings bank, federal savings and\nloan association, federal credit union, or a banking institution\nchartered under the laws of another state or country, in an account in\nthe name of such licensee specifically established for the purpose of\nreceiving such funds. Remittance by such agent to such licensee or\ndeposit by such agent in such account or its equivalent of funds in\nadvance of the sale of such New York instruments and New York traveler's\nchecks, in an amount not less than the amount said agent would normally\nreceive from such sales of New York instruments and New York traveler's\nchecks, shall be deemed compliance with the provisions of this section.\n * NB Effective March 31, 2020\n * 2. Every agent of a licensee shall remit all moneys owed such\nlicensee in accordance with the terms of the contract between the\nlicensee and such agent. Any intentional or negligent failure of an\nagent to remit all moneys due and owing the licensee within the time\nprovided in such contract shall result in the agent's civil liability to\nthe licensee for three times the licensee's damages. The superintendent\nmay, by rule, establish the maximum period of time for remittance.\n * NB Effective March 31, 2020\n