Assembly Bill A8531

2011-2012 Legislative Session

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

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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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2011-A8531 (ACTIVE) - Details

See Senate Version of this Bill:
S271
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
2013-2014: A2469, S259
2015-2016: A6586, S235
2017-2018: A6309, S506
2019-2020: A6425, S4921
2021-2022: S5202

2011-A8531 (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.

2011-A8531 (ACTIVE) - Bill Text download pdf

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

                                  8531

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                              July 13, 2011
                               ___________

Introduced by M. of A. CRESPO -- read once and referred to the Committee
  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.
                                                           LBD02212-01-1

A. 8531                             2
              

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