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NY A05399
Bill
Status
Introduced
2/25/2013
Primary Sponsor
Crystal Peoples-Stokes
Click for details
AI Summary
- Amends Banking Law Section 373(5) to increase penalties for operating an unlicensed check-cashing business
- Changes the offense from a class A misdemeanor to a class E felony for violating Section 367 licensing requirements
- Imposes a mandatory fine of $2,500 for each transaction made in violation of the licensing requirement
- Applies penalties to individuals, partnerships, associations, corporations, and their members, officers, directors, agents, and employees
- Takes effect 120 days after the law is enacted
Legislative Description
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.
Last Action
referred to banks
1/8/2014
Committee Referrals
Banks2/25/2013
Full Bill Text
No bill text available