Bill Text: NY S03361 | 2011-2012 | General Assembly | Amended

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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 - Dead) 2012-01-04 - REFERRED TO BANKS [S03361 Detail]

Download: New_York-2011-S03361-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        3361--A
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                   February 17, 2011
                                      ___________
       Introduced  by Sen. GRISANTI -- read twice and ordered printed, and when
         printed to be  committed  to  the  Committee  on  Banks  --  committee
         discharged, bill amended, ordered reprinted as amended and recommitted
         to said committee
       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    S 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.
                                                                  LBD09211-03-1