What's happening
This bill increases penalties for robbery involving property stolen from banks and similar financial institutions in New York.
Why it matters
Expands the definition of robbery in the penal law. to specifically include theft of property from banks and a wide range of financial institutions (including savings banks, credit unions, and both domestic and foreign banking corporations with New York branches), making such crimes subject to higher penalties.
Tightens oversight of financial professionals. by allowing the superintendent to deny licenses or certificates to individuals convicted of these newly-defined bank robbery felonies, thereby aiming to keep those with serious financial crime records out of positions of authority in the financial sector.
Creates legal uniformity and deterrence. by explicitly naming a broad set of financial institutions (not just traditional banks) in the context of enhanced robbery penalties, potentially deterring crimes targeting not only banks but also credit unions and other similar entities.
May impact criminal justice outcomes and industry practices. by increasing the stakes for individuals convicted of bank-related robberies, which could lead to longer sentences, discourage such crimes, and lead financial institutions to review their security and hiring practices in light of the law.
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Who cares
Headline styles
Increase Penalty for Bank Robbery
Plain English, a few words. Used as the page title.
Sponsors
History
- Referred to banks
- Referred to banks
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
3777
2019-2020 Regular Sessions
IN SENATE
February 14, 2019
Introduced by Sens. GRIFFO, AKSHAR, FLANAGAN, FUNKE, GALLIVAN, HELMING, RANZENHOFER, RITCHIE, SAVINO, SERINO, SEWARD -- read twice and ordered printed, and when printed to be committed to the Committee on Banks
AN ACT to amend the banking law and the penal law, in relation to increasing the penalty for robbery of property from a bank
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subdivision 2 of section 592 of the banking law, as amended by chapter 472 of the laws of 2008, is amended to read as follows:
2. The superintendent may refuse to issue a license pursuant to this article if he or she shall find that the applicant, or any person who is a director, officer, partner, agent, employee, substantial stockholder of the applicant, consultant or person having a relationship with the applicant similar to a consultant, (a) has been convicted of a crime involving an activity which is a felony under this chapter or under article one hundred fifty-five, one hundred seventy, one hundred seventy-five, one hundred seventy-six, one hundred eighty, one hundred eighty-five, one hundred eighty-seven, one hundred ninety, two hundred, two hundred ten or four hundred seventy, or subdivision four of section 160.10 of the penal law or any comparable felony under the laws of any other state or the United States, provided that such crime would be a felony if committed and prosecuted under the laws of this state or (b) has had a license or registration revoked by the superintendent or (c) has been a director, partner, or substantial stockholder of an entity which has had a license or registration revoked by the superintendent or (d) has been an agent, employee or officer of an entity, or a consultant to, or person having had a similar relationship with, any entity which has had a license or registration revoked by the superintendent where such person shall have been found by the superintendent to bear responsibility in connection with the revocation. The term "substantial stockholder", as used in this subdivision, shall be deemed to refer to a
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD09584-01-9
S. 3777 2
person owning or controlling directly or indirectly ten per centum or more of the total outstanding stock of a corporation.
§ 2. Subdivision 2 of section 592-a of the banking law, as amended by chapter 472 of the laws of 2008, is amended to read as follows:
2. The superintendent may refuse to issue a certificate pursuant to this article if he or she shall find that the applicant, or any person who is a director, officer, partner, agent, employee, substantial stockholder of the applicant, consultant or person having a relationship with the applicant similar to a consultant, (a) has been convicted of a crime involving an activity which is a felony under this chapter or under article one hundred fifty-five, one hundred seventy, one hundred seventy-five, one hundred seventy-six, one hundred eighty, one hundred eighty-five, one hundred eighty-seven, one hundred ninety, two hundred, two hundred ten or four hundred seventy, or subdivision four of section 160.10 of the penal law or any comparable felony under the laws of any other state or the United States, provided that such crime would be a felony if committed and prosecuted under the laws of this state or (b) has had a license or registration revoked by the superintendent or (c) has been a director, partner, or substantial stockholder of an entity which has had a license or registration revoked by the superintendent or (d) has been an agent, employee or officer of an entity, or a consultant to, or person having had a similar relationship with, any entity which has had a license or registration revoked by the superintendent where such person shall have been found by the superintendent to bear responsibility in connection with the revocation. The term "substantial stockholder", as used in this subdivision, shall be deemed to refer to a person owning or controlling directly or indirectly ten per centum or more of the total outstanding stock of a corporation.
§ 3. Subdivision 3 of section 160.10 of the penal law, as added by chapter 308 of the laws of 1995, is amended and a new subdivision 4 is added to read as follows:
3. The property consists of a motor vehicle, as defined in section one hundred twenty-five of the vehicle and traffic law[.]; or
4. The property is stolen from a bank, trust company, savings bank, safe deposit company, savings and loan association or credit union, as such terms are defined in section two of the banking law, or from a foreign banking corporation licensed pursuant to article two of the banking law, or from a bank, trust company, savings bank, savings and loan association, credit union or foreign banking corporation which is incorporated, chartered, organized or licensed under the laws of any other state or the United States and which maintains branch offices in this state.
§ 4. This act shall take effect on the first of November next succeeding the date on which it shall have become a law.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Title of bill
An act to amend the banking law and the penal law, in relation to increasing the penalty for robbery of property from a bank
Purpose
To increase the penalties for robbery of a banking institution.
Summary of provisions
Sections 1 and 2 of the bill amend Sections 592(2) and 592-a(2) of the Banking Law, respectively, to expand the list of felony offenses for which the Superintendent of Banks may refuse to issue a license to a mortgage banker or a certificate to a mortgage broker.
Section 3 of the bill adds a new subdivision 4 to Section 160.10 of the Penal Law to expand the crime of robbery in the second degree to include property stolen from a banking institution.
Justification
Over the past decade, there has been an increase in the number of bank robberies committed throughout the State, especially crimes in which threatening notes and comments are made to bank tellers in conjunction with the robbery. Not only does this crime place employees and customers at risk, it imposes increased costs on all consumers.
One continuing problem is the apparent perception among many criminals that this is a relatively easy type of crime, which is not punished as seriously as other types of crimes. By increasing the penalties for bank robbery, this legislation seeks to help address this problem. The bill would establish meaningful penalties to serve as an effective deterrent and as an appropriate level of punishment.
Legislative history
2017-18 - S. 2421 Passed Senate/A. 2729 - Banks Committee. 2015-16 - S. 2715 Passed Senate/A. 1786 - Banks Committee. 2013-14 - S. 3559 - Passed Senate/A. 2485 - Banks Committee.
Fiscal implications
None.
Effective date
The first of November next succeeding the date on which it shall have become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.