Section 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.