Bill Text: NY S03838 | 2019-2020 | General Assembly | Introduced


Bill Title: Increases penalties for individuals or companies who engage in the business of cashing checks, drafts or money orders for consideration without a license; makes such violation a class E felony; provides for a fine of $2,500 for each transaction.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2019-02-19 - REFERRED TO BANKS [S03838 Detail]

Download: New_York-2019-S03838-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          3838
                               2019-2020 Regular Sessions
                    IN SENATE
                                    February 19, 2019
                                       ___________
        Introduced  by  Sen.  GRIFFO -- read twice and ordered printed, and when
          printed to be committed to the Committee on Banks
        AN ACT to amend the banking law, in relation to increasing the penalties
          for individuals or companies who engage in  the  business  of  cashing
          checks, drafts or money orders for consideration without a license
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Subdivision 5 of section 373 of the banking law,  as  added
     2  by chapter 235 of the laws of 2008, is amended to read as follows:
     3    5. Notwithstanding the provisions of subdivision four of this section,
     4  any  person,  partnership,  association  or  corporation and the several
     5  members, officers, directors, agents and  employees  thereof  who  shall
     6  violate  the  provisions  of  subdivision  one  of section three hundred
     7  sixty-seven of this article shall be guilty of a class [A misdemeanor] E
     8  felony and shall be punishable by a fine of two  thousand  five  hundred
     9  dollars for each transaction made in violation of such subdivision.
    10    § 2. This act shall take effect on the one hundred twentieth day after
    11  it shall have become a law.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08541-01-9
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