What's happening
This bill increases penalties for unlicensed check cashing, making violations a class E felony with a $2,500 fine per transaction.
Why it matters
Significantly raises the legal stakes. for operating an unlicensed check-cashing business, turning what was a misdemeanor into a felony—this may deter underground or predatory financial services that often target vulnerable populations.
Imposes a fine of $2,500 per illegal transaction. , which could quickly add up for offenders and make the financial risk of operating without a license much higher, potentially shutting down repeat violators.
Could impact access to financial services. for people who rely on informal check cashers, especially in communities with limited banking options, by increasing enforcement and penalties against these operations.
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Who cares
Headline styles
Raise Check-Cashing Penalties
Plain English, a few words. Used as the page title.
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History
- Referred to banks
- 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.
Increase Unlicensed Check Cashing Penalties
In Assembly Committee · Banks · Sponsor Joseph A. Griffo
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
1940
2017-2018 Regular Sessions
IN ASSEMBLY
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 Assembly, 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
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.