senate Bill S3361

Amended

Increases penalties for individuals or companies who engage in the business of cashing checks, drafts or money orders for consideration without a license

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Sponsor

Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
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actions

  • 17 / Feb / 2011
    • REFERRED TO BANKS
  • 07 / Apr / 2011
    • AMEND AND RECOMMIT TO BANKS
  • 07 / Apr / 2011
    • PRINT NUMBER 3361A
  • 04 / Jan / 2012
    • REFERRED TO BANKS

Summary

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.

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Bill Details

See Assembly Version of this Bill:
A6571
Versions:
S3361
S3361A
Legislative Cycle:
2011-2012
Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Amd ยง373, Bank L

Sponsor Memo

BILL NUMBER:S3361

TITLE OF BILL:
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

PURPOSE:
To create an E felony for those who engage
in cashing checks,
drafts or money orders without a license.

SUMMARY OF SPECIFIC PROVISIONS:
Amends Subdivision 5 of section 373 of
the banking law to make it an E Felony to engage in the cashing of
checks, drafts or money orders without a license. Current law is an A
misdemeanor.

JUSTIFICATION:
Unregistered check cashers are by the very nature
unregulated by the State Banking Department and therefore do not have
to comply with the necessary consumer protections. These individuals
charge fees that are unscrupulous and border on usury. By raising the
penalty to the level of a Felony we are ensuring that consumers can
be sure they are protected to the full extent of the law.

PRIOR LEGISLATIVE HISTORY:
New Bill.

FISCAL IMPLICATIONS:
None.

EFFECTIVE DATE:
One hundred twenty days since effective date.

view bill text
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  3361

                       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

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:

  Section 1. Subdivision 5 of section 373 of the banking law,  as  added
by chapter 235 of the laws of 2008, is amended to read as follows:
  5. Notwithstanding the provisions of subdivision four of this section,
any  person,  partnership,  association  or  corporation and the several
members, officers, directors, agents and  employees  thereof  who  shall
violate  the  provisions  of  subdivision  one  of section three hundred
sixty-seven of this article shall be guilty of a class [A misdemeanor] E
FELONY.
  S 2. This act shall take effect on the one hundred twentieth day after
it shall have become a law.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09211-01-1

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