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
- 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
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
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
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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