§ 651-A — Remittances

§ 651-a. Remittances. 1. 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 2. Every agent of a licensee shall remit all moneys owed such licensee\nin accordance with the terms of the contract between the licensee and\nsuch agent. Any intentional or negligent failure of an agent to remit\nall moneys due and owing the licensee within the time provided in such\ncontract shall result in the agent's civil liability to the licensee for\nthree times the licensee's damages. The superintendent may, by rule,\nestablish the maximum period of time for remittance.\n