New York S06659 increases penalties for businesses cashing checks, drafts, or money orders without a license, classifying such violations as a class.

New York S06659 amends the banking law to increase penalties for individuals or companies cashing checks, drafts, or money orders for consideration without a license. The bill elevates such violations to a class E felony and imposes a fine of $2,500 for each transaction conducted in violation. This change aims to strengthen regulatory oversight and deter unauthorized financial activities.

New York S06659 increases penalties for businesses cashing checks, drafts, or money orders without a license, classifying such violations as a class.

New York S06659 amends the banking law to increase penalties for individuals or companies cashing checks, drafts, or money orders for consideration without a license. The bill elevates such violations to a class E felony and imposes a fine of $2,500 for each transaction conducted in violation. This change aims to strengthen regulatory oversight and deter unauthorized financial activities.