Assembly Bill A6797

2021-2022 Legislative Session

Relates to clarifying definitions of "illegal money transmission" and "money laundering"; and relates to penalties for unlicensed money transmitters

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2021-A6797 (ACTIVE) - Details

See Senate Version of this Bill:
S5202
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd §650, Bank L; amd §470.00, Pen L; amd §30.10, CP L
Versions Introduced in Other Legislative Sessions:
2009-2010: S2176
2011-2012: S271
2013-2014: S259
2015-2016: S235
2017-2018: S506
2019-2020: S4921

2021-A6797 (ACTIVE) - Summary

Relates to clarifying the definitions of "illegal money transmission" and "money laundering"; relates to penalties for unlicensed money transmitters; relates to timeliness of prosecutions.

2021-A6797 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6797
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               April 8, 2021
                                ___________
 
 Introduced  by M. of A. DICKENS -- read once and referred to the Commit-
   tee on Banks
 
 AN ACT to amend the banking law, in relation  to  clarifying  the  defi-
   nition  of illegal money transmission and increasing the penalties for
   certain activities by licensed and unlicensed money  transmitters;  to
   amend  the  penal law, in relation to the definition of money launder-
   ing; and to amend the criminal procedure law, in relation  to  timeli-
   ness of prosecutions
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 1 of section 650 of the banking law, as amended
 by chapter 201 of the laws of 1969, is amended to read as follows:
   1. [Any person who violates or participates in the  violation  of  any
 provisions  of this article, or who knowingly makes any incorrect state-
 ment of a material fact in any application,  report  or  statement  made
 pursuant  to  this article, or who knowingly omits to state any material
 fact necessary to  give  the  superintendent  any  information  lawfully
 required  by  him  or  refuses to permit any lawful investigation by the
 superintendent shall be guilty of a misdemeanor  and,  upon  conviction,
 shall  be fined not more than five hundred dollars or imprisoned for not
 more than six months or both, in the discretion of  the  court]A.    ANY
 PERSON  WHO  KNOWINGLY  MAKES  ANY FALSE STATEMENT, MISREPRESENTATION OR
 FALSE CERTIFICATION IN ANY  APPLICATION,  FINANCIAL  STATEMENT,  ACCOUNT
 RECORD,  CUSTOMER RECEIPT, REPORT OR OTHER DOCUMENT FILED OR REQUIRED TO
 BE MAINTAINED OR FILED UNDER THIS ARTICLE, OR WHO  KNOWINGLY  MAKES  ANY
 FALSE ENTRY OR OMITS A MATERIAL ENTRY IN ANY SUCH DOCUMENT OR REFUSES TO
 PERMIT  ANY  LAWFUL INVESTIGATION BY THE SUPERINTENDENT, SHALL BE GUILTY
 OF A CLASS E FELONY.
   B. ANY LICENSEE OR AGENT WHO:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05216-01-1

              

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