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.
STATE OF NEW YORK
2017-2018 Regular Sessions
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:
1 Section 1. Subdivision 5 of section 373 of the banking law, as added
2 by chapter 235 of the laws of 2008, is amended to read as follows:
3 5. Notwithstanding the provisions of subdivision four of this section,
4 any person, partnership, association or corporation and the several
5 members, officers, directors, agents and employees thereof who shall
6 violate the provisions of subdivision one of section three hundred
7 sixty-seven of this article shall be guilty of a class [A misdemeanor] E
8 felony and shall be punishable by a fine of two thousand five hundred
9 dollars for each transaction made in violation of such subdivision.
10 § 2. This act shall take effect on the one hundred twentieth day after
11 it shall have become a law.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 is old law to be omitted.