senate Bill S3361A

2011-2012 Legislative Session

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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Archive: Last Bill Status - In Committee


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 04, 2012 referred to banks
Apr 07, 2011 print number 3361a
amend and recommit to banks
Feb 17, 2011 referred to banks

Bill Amendments

Original
A (Active)
Original
A (Active)

S3361 - Bill Details

See Assembly Version of this Bill:
A6571A
Current Committee:
Law Section:
Banking Law
Laws Affected:
Amd §373, Bank L

S3361 - Bill Texts

view 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.

view 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.

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                    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

S3361A (ACTIVE) - Bill Details

See Assembly Version of this Bill:
A6571A
Current Committee:
Law Section:
Banking Law
Laws Affected:
Amd §373, Bank L

S3361A (ACTIVE) - Bill Texts

view 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.

view sponsor memo
BILL NUMBER:S3361A

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 OR GENERAL IDEA OF BILL:
To create an E felony and monetary
penalties 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 (1) to make it
an E Felony to engage in the cashing of checks, drafts or money
orders without a license, and (2) to impose a penalty of $2,500 for
each violation of this subdivision. 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 and by imposing monetary penalties we are ensuring
that consumers will be 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 full text
download pdf
                    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:

  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  AND  SHALL  BE PUNISHABLE BY A FINE OF TWO THOUSAND FIVE HUNDRED
DOLLARS FOR EACH TRANSACTION MADE IN VIOLATION OF SUCH SUBDIVISION.
  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.
                                                           LBD09211-03-1

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