Bill Text: NY S02901 | 2015-2016 | General Assembly | Introduced

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Bill Title: Provides increased penalties for violations by unlicensed transmitters of money.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2016-01-06 - REFERRED TO BANKS [S02901 Detail]

Download: New_York-2015-S02901-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         2901
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                   January 30, 2015
                                      ___________
       Introduced  by  Sen.  FARLEY -- read twice and ordered printed, and when
         printed to be committed to the Committee on Banks
       AN ACT to amend the banking law, in relation to violations by unlicensed
         transmitters of money
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.    Subdivision  2  of  section  650 of the banking law, as
    2  amended by chapter 543 of the laws  of  1990,  is  amended  to  read  as
    3  follows:
    4    2.  a.  Any person who either (1) engages in the business of receiving
    5  money for transmission or transmitting the same or (2) sells  or  issues
    6  New  York  instruments  or New York traveler's checks as those terms are
    7  defined by section six hundred fifty-three of this  chapter,  without  a
    8  license  therefor  obtained  from the superintendent as provided in this
    9  article, shall be guilty of a [Class] CLASS A misdemeanor.
   10    b. Any person who violates paragraph a of this subdivision and in  the
   11  course of that violation:
   12    (1)  knowingly receives or agrees to receive for transmission from one
   13  or more individuals a total of ten thousand dollars or more in a  single
   14  transaction,  a  total  of twenty-five thousand dollars or more during a
   15  period of thirty days or less, or a total of two hundred fifty  thousand
   16  dollars or more during a period of one year or less; or
   17    (2) knowingly sells or issues New York instruments or New York travel-
   18  er's  checks to one or more individuals totaling ten thousand dollars or
   19  more in a single transaction, a total of twenty-five thousand dollars or
   20  more during a period of thirty days or less, or a total of  two  hundred
   21  fifty thousand dollars or more during a period of one year or less SHALL
   22  BE GUILTY OF A CLASS E FELONY.[; or
   23    (3)]  C. ANY PERSON WHO VIOLATES THE PROVISIONS OF PARAGRAPH A OF THIS
   24  SUBDIVISION AND IN THE COURSE OF SUCH VIOLATION:
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07710-02-5
       S. 2901                             2
    1    (1) knowingly engages in the business of receiving money for transmit-
    2  ting or transmitting the same, knowing such money to be the proceeds  of
    3  any criminal conduct; or
    4    [(4)]  (2)  knowingly sells or issues New York instruments or New York
    5  traveler's checks as those terms are  defined  by  section  six  hundred
    6  fifty-three  of  this  chapter, knowing such instruments or checks to be
    7  purchased with the proceeds of or derived  from  any  criminal  conduct;
    8  shall be guilty of a class [E] D felony.
    9    S  2.  This  act  shall take effect on the sixtieth day after it shall
   10  have become a law.