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History
- Referred to banks
- Delivered to assembly
- Passed senateVote 57–2
- Advanced to third reading
- 2nd report cal.
- 1st report cal.312
- Referred to banks
- Returned to senate
- Died in assembly
- Referred to banks
- Delivered to assembly
- Passed senateVote 60–1
Show 4 earlier actions
- Advanced to third reading
- 2nd report cal.
- 1st report cal.1328
- Referred to banks
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
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:S3618
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 and monetary penalties for those who engage in cashing checks, drafts or money orders without a license.
Summary of 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.
Legislative history
2013-14 - S. 715/A. 5399 - Banks Committee
Fiscal implications
None.
Effective date
120 days after it becomes law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.