|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 08, 2014||referred to banks|
|Feb 12, 2013||reported and committed to codes|
|Jan 25, 2013||referred to banks|
senate Bill S2931
Archive: Last Bill Status - In Senate Committee Banks Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S2931 (ACTIVE) - Details
S2931 (ACTIVE) - Sponsor Memo
BILL NUMBER:S2931 TITLE OF BILL: An act to amend the banking law, in relation to violations by unlicensed transmitters of money PURPOSE: To raise the criminal penalties for unlicensed money transmit- ter activities in those situations where the person knows that the funds involved are the proceeds of criminal conduct SUMMARY OF PROVISIONS: This bill amends Section 650(2) of the Banking Law to separate the current Class E felony penalties for the unlicensed transmission of money into two categories: 1) the existing violation regarding the unlicensed transmission of funds in excess of a specified threshold would continue to be a Class E felony; and 2) the existing violation regarding the unlicensed transmission of funds where the tran- smitter knows that such funds are the proceeds of any criminal conduct would be raised from a Class E felony to a Class D felony. JUSTIFICATION: This bill would increase the criminal penalties for the unlicensed transmission of money in certain situations. The existing penalties were set in 1990. Under that law, it is a Class A misdemeanor to operate as an unlicensed money transmitter, with the penalty rising to a Class E felony if the transmitter either transmits more than a specified threshold amount or transmits money knowing that it is the proceeds of any criminal conduct.
S2931 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2931 2013-2014 Regular Sessions I N S E N A T E January 25, 2013 ___________ Introduced by Sen. FARLEY -- 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 violations by unlicensed transmitters of money THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 2 of section 650 of the banking law, as amended by chapter 543 of the laws of 1990, is amended to read as follows: 2. a. Any person who either (1) engages in the business of receiving money for transmission or transmitting the same or (2) sells or issues New York instruments or New York traveler's checks as those terms are defined by section six hundred fifty-three of this chapter, without a license therefor obtained from the superintendent as provided in this article, shall be guilty of a [Class] CLASS A misdemeanor. b. Any person who violates paragraph a of this subdivision and in the course of that violation: (1) knowingly receives or agrees to receive for transmission from one or more individuals a total of ten thousand dollars or more in a single transaction, a total of twenty-five thousand dollars or more during a period of thirty days or less, or a total of two hundred fifty thousand dollars or more during a period of one year or less; or (2) knowingly sells or issues New York instruments or New York travel- er's checks to one or more individuals totaling ten thousand dollars or more in a single transaction, a total of twenty-five thousand dollars or more during a period of thirty days or less, or a total of two hundred fifty thousand dollars or more during a period of one year or less SHALL BE GUILTY OF A CLASS E FELONY; [or (3)] C. ANY PERSON WHO VIOLATES THE PROVISIONS OF PARAGRAPH A OF THIS SUBDIVISION AND IN THE COURSE OF SUCH VIOLATION: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08150-01-3
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