S3361-2011 Actions

• Jan 4, 2012: REFERRED TO BANKS
• Apr 7, 2011: PRINT NUMBER 3361A
• Apr 7, 2011: AMEND AND RECOMMIT TO BANKS
• Feb 17, 2011: REFERRED TO BANKS

S3361-2011 Meetings

S3361-2011 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.

S3361-2011 Text

 S T A T E   O F   N E W   Y O R K
 
 
                                         3361
 2011-2012 Regular Sessions
 I N  SENATE
 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

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