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Can you summarize NYCL GBS Article 10-B?
General Business > Transmission of Money to Foreign Countries
Short Summary
The provided legal document content governs the transmission of money to foreign countries. It prohibits any person, firm, corporation, or unincorporated association from representing themselves as an agent of a steamship company, express company, banking establishment or institution, or other company for the purpose of receiving money for transmission or transmitting the same to foreign countries, unless duly authorized. Authorized agents must transmit any money received for transmission through the principal from whom they received authority. Steamship companies, express companies, or other companies and their agents are not allowed to receive money as a depositary. When transmitting money, the advice of draft, money order, or other instrument used must include the amount in terms of dollars and cents, as well as the amount in terms of the money standard of the country to which the money is transmitted. Authorized agents must deliver the money received to their principal within two days. Steamship companies, express companies, or other companies must transmit the money received from an agent to the intended recipient within three days, unless there is no mail-bearing steamer leaving for the destination within that period, in which case it should be transmitted on the first available steamship. If the transmitted money cannot be delivered and remains unclaimed for ninety days after notifying the transmitter, the company must turn it over to the state comptroller, who will maintain it as a capital revolving fund for paying claimants. After five years of remaining unclaimed, the money escheats to the state. The article does not apply to entities under the supervision of the department of financial services. Violation of any provision of this article is considered a misdemeanor.
Whom does it apply to?
Any person, firm, corporation, or unincorporated association representing themselves as an agent of a steamship company, express company, banking establishment or institution, or other company for the purpose of transmitting money to foreign countries.
What does it govern?
Transmission of Money to Foreign Countries
What are exemptions?
This article does not apply to any person, firm, corporation, or association under the supervision of the department of financial services.
What are the Penalties?
Every person, firm, or corporation, and every officer thereof, who violates any provision of this article is guilty of a misdemeanor.
Jurisdiction
New York