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NY A01940
Bill
Status
Introduced
1/17/2017
Primary Sponsor
Crystal Peoples-Stokes
Click for details
AI Summary
- Changes the penalty for unlicensed check cashing from a class A misdemeanor to a class E felony under Banking Law Section 373(5)
- Establishes a fine of $2,500 for each transaction made in violation of the unlicensed check cashing prohibition
- Applies to persons, partnerships, associations, corporations, and their members, officers, directors, agents, and employees
- Takes effect on the 120th day after the bill becomes law
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
1/3/2018
Committee Referrals
Banks1/17/2017
Full Bill Text
No bill text available