Statute · New York Banking Law
N.Y. Banking Law § 654 — Purpose of the fund
N.Y. Banking Law § 654
- Type
- Statute
- Source
- New York Banking Law
- Jurisdiction
- New York
- Current through
- Nov 5, 2026 (NY Senate Open Legislation)
§ 654. Purpose of the fund. There is hereby created a fund to be known as the "state transmitter of money insurance fund". The purpose of the fund shall be to insure the New York instruments of uninsured transmitters of money which, by reason of insolvency, bankruptcy or other inability to pay,…
Citator
N.Y. Banking Law § 654 — Purpose of the fund is in force in the current edition of the Code, and nothing recorded condemns it.
§ 654. Purpose of the fund. There is hereby created a fund to be known as the "state transmitter of money insurance fund". The purpose of the fund shall be to insure the New York instruments of uninsured transmitters of money which, by reason of insolvency, bankruptcy or other inability to pay, have defaulted in making payment on their New York instruments, whether such default has occurred prior to or after the effective date of this act.