651-A - Remittances.

§ 651-a.  Remittances.  Each  agent  of a licensee which sells any New  York instruments or New York traveler's checks issued by  such  licensee  shall, and each licensee shall so require each of its agents which sells  any  New  York  instruments or New York traveler's checks issued by such  licensee to report such sale and remit  the  face  amount  of  New  York  instruments  and New York traveler's checks to such licensee within such  period of time as the licensee requires within the normal course of  its  business or as the superintendent, by rule or regulation, may prescribe.  For  purposes  of  this  section, remittance shall include either direct  payment of such funds to the licensee or the deposit of such funds in  a  banking  organization,  national  bank,  federal  savings  bank, federal  savings and  loan  association,  federal  credit  union,  or  a  banking  institution  chartered under the laws of another state or country, in an  account in the name of such licensee specifically  established  for  the  purpose  of  receiving  such  funds.  Remittance  by  such agent to such  licensee or deposit by such agent in such account or its  equivalent  of  funds  in  advance of the sale of such New York instruments and New York  traveler's checks, in an amount not less  than  the  amount  said  agent  would  normally  receive from such sales of New York instruments and New  York traveler's checks, shall be deemed compliance with  the  provisions  of this section.