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Can you summarize NYCL BNK Article 13-B?
Banking > Transmitters of Money
Short Summary
This legal document governs the regulation of Transmitters of Money in the Consolidated Laws of New York. It applies to any person or entity engaging in money transmission activities, except for certain exempt entities such as banks, trust companies, private bankers, foreign banking corporations, savings banks, savings and loan associations, investment companies, national banking associations, federal reserve banks, corporations organized under the Federal Reserve Act, federal savings banks, federal savings and loan associations, and state or federal credit unions. The document requires individuals or entities to obtain a license from the superintendent to engage in these business activities. The license application must include information such as the applicant’s name, address, incorporation details (if applicable), and other relevant information as required by the superintendent. Additionally, an investigation fee must be submitted with the license application. The document does not specify penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Any person or entity engaging in money transmission activities, except for certain exempt entities such as banks, trust companies, private bankers, foreign banking corporations, savings banks, savings and loan associations, investment companies, national banking associations, federal reserve banks, corporations organized under the Federal Reserve Act, federal savings banks, federal savings and loan associations, and state or federal credit unions
What does it govern?
Regulation of Transmitters of Money
What are exemptions?
Banks, trust companies, private bankers, foreign banking corporations, savings banks, savings and loan associations, investment companies, national banking associations, federal reserve banks, corporations organized under the Federal Reserve Act, federal savings banks, federal savings and loan associations, and state or federal credit unions
What are the Penalties?
The document does not specify penalties for non-compliance or violation of its provisions.
Jurisdiction
New York