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History
- Referred to banks
- Referred to banks
Companion bill
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Increases penalties for individuals or companies who engage in the business of cashing checks, drafts or money orders for consideration without a license
In Assembly Committee · Banks · Sponsor Crystal Peoples-Stokes
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S715
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.
Prior legislative history
S.3361A of 2011-12 - Referred to Banks
Fiscal implications
None.
Effective date
One hundred twenty days since effective date.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.