Assembly Bill A1940

2017-2018 Legislative Session

Increases penalties for individuals or companies who engage in the business of cashing checks, drafts or money orders for consideration without a license

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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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2017-A1940 (ACTIVE) - Details

See Senate Version of this Bill:
S2419
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd §373, Bank L
Versions Introduced in Other Legislative Sessions:
2011-2012: A6571, S3361
2013-2014: A5399, S715
2015-2016: A3176, S3618
2019-2020: S3838
2021-2022: S4583
2023-2024: S4619

2017-A1940 (ACTIVE) - Summary

Increases penalties for individuals or companies who engage in the business of cashing checks, drafts or money orders for consideration without a license; makes such violation a class E felony; provides for a fine of $2,500 for each transaction.

2017-A1940 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1940
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 17, 2017
                                ___________
 
 Introduced  by  M. of A. PEOPLES-STOKES -- read once and referred 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 AND SHALL BE PUNISHABLE BY A FINE OF TWO  THOUSAND  FIVE  HUNDRED
 DOLLARS FOR EACH TRANSACTION MADE IN VIOLATION OF SUCH SUBDIVISION.
   § 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.
                                                            LBD03622-01-7

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