| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| Jan 04, 2012 |
referred to banks |
| Apr 07, 2011 |
print number 3361a |
| Apr 07, 2011 |
amend and recommit to banks |
| Feb 17, 2011 |
referred to banks |
Senate Bill S3361
2011-2012 Legislative Session
Sponsored By
(R, IP) Senate District
Archive: Last Bill Status - In Senate Committee Banks Committee
Actions
Bill Amendments
2011-S3361 - Details
- See Assembly Version of this Bill:
- A6571
- Current Committee:
- Senate Banks
- Law Section:
- Banking Law
- Laws Affected:
- Amd §373, Bank L
- Versions Introduced in Other Legislative Sessions:
-
2013-2014:
S715, A5399
2015-2016: S3618, A3176
2017-2018: S2419, A1940
2019-2020: S3838
2021-2022: S4583
2023-2024: S4619
2025-2026: S6659
2011-S3361 - 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.
2011-S3361 - Bill Text download pdf
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
2011-S3361A (ACTIVE) - Details
- See Assembly Version of this Bill:
- A6571
- Current Committee:
- Senate Banks
- Law Section:
- Banking Law
- Laws Affected:
- Amd §373, Bank L
- Versions Introduced in Other Legislative Sessions:
-
2013-2014:
S715, A5399
2015-2016: S3618, A3176
2017-2018: S2419, A1940
2019-2020: S3838
2021-2022: S4583
2023-2024: S4619
2025-2026: S6659
2011-S3361A (ACTIVE) - 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.
2011-S3361A (ACTIVE) - Bill 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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