New York Consolidated Laws

N.Y. Banking Law § 650 (2026)

Violations and penalties

✓ current as of May 2026

Find cases: SyfertCases citing this section NY-LEGnysenate.gov Justiaon Justia CornellLII Search CasesGoogle Scholar

§ 650. Violations and penalties. 1. Any person who violates or
participates in the violation of any provisions of this article, or who
knowingly makes any incorrect statement of a material fact in any
application, report or statement made pursuant to this article, or who
knowingly omits to state any material fact necessary to give the
superintendent any information lawfully required by him or refuses to
permit any lawful investigation by the superintendent shall be guilty of
a misdemeanor and, upon conviction, shall be fined not more than five
hundred dollars or imprisoned for not more than six months or both, in
the discretion of the court.
  2. a. Any person who either (1) engages in the business of receiving
money for transmission or transmitting the same or (2) sells or issues
New York instruments or New York traveler's checks as those terms are
defined by section six hundred fifty-three of this chapter, without a
license therefor obtained from the superintendent as provided in this
article, shall be guilty of a Class A misdemeanor.
  b. Any person who violates paragraph a of this subdivision and in the
course of that violation:
  (1) knowingly receives or agrees to receive for transmission from one
or more individuals a total of ten thousand dollars or more in a single
transaction, a total of twenty-five thousand dollars or more during a
period of thirty days or less, or a total of two hundred fifty thousand
dollars or more during a period of one year or less; or
  (2) knowingly sells or issues New York instruments or New York
traveler's checks to one or more individuals totaling ten thousand
dollars or more in a single transaction, a total of twenty-five thousand
dollars or more during a period of thirty days or less, or a total of
two hundred fifty thousand dollars or more during a period of one year
or less; or
  (3) knowingly engages in the business of receiving money for
transmitting or transmitting the same, knowing such money to be the
proceeds of any criminal conduct; or
  (4) knowingly sells or issues New York instruments or New York
traveler's checks as those terms are defined by section six hundred
fifty-three of this chapter, knowing such instruments or checks to be
purchased with the proceeds of or derived from any criminal conduct;
shall be guilty of a class E felony.
  3. Any licensee who fails to make any report required by the
superintendent pursuant to this article, on or before the day designated
for the making thereof, or fails to include therein any prescribed
matter, shall forfeit to the people of the state an amount as determined
pursuant to section forty-four-a of this chapter for every day that such
report shall be delayed or withheld, and for every day that it shall
fail to report any such omitted matter, unless the superintendent shall,
in his or her sole discretion, for good cause shown, reduce the amount
to be forfeited, or unless the time therefor shall have been extended by
the superintendent, as provided in subdivision four of this section.
  4. The superintendent may extend, for a period not exceeding ninety
days, the time within which a licensee is required to make any report
required by the superintendent pursuant to this article.

Notes of Decisions

Cited in 6 cases, 1999–2014 · leading case: Morgenthau v. Avion Resources Ltd., 898 N.E.2d 929 (NY 2008).

Sort: Relevance Newest Treatment

Morgenthau v. Avion Resources Ltd., 898 N.E.2d 929 (NY 2008). “Many of the defendants were indicted by a New York County grand jury and charged with violating Banking Law § 650 (2) (b) (1). Along with these pending indictments, plaintiff instituted this CPLR article 13-A forfeiture proceeding in Supreme Court, seeking $636,924,865 in…”

In re Kramer, 69 A.D.3d 139 (N.Y. App. Div. 2009). “In so moving, the Committee draws an analogy between the federal crime to which respondent pleaded guilty and the New York class A misdemeanor of operation of an unlicensed money *141 transmitting business (Banking Law § 650 [1], [2] [a]). The Committee also seeks respondent’s…”

United States v. Mazza-Alaluf, 607 F. Supp. 2d 484 (S.D.N.Y. 2009). “N.Y. Banking Law § 650 (2)(b). The New York statute has been described as setting forth a strict liability crime.”

Morgenthau v. Avion Resources Ltd., 49 A.D.3d 50 (N.Y. App. Div. 2007). “In August 2006, a New York County grand jury returned an indictment charging each defendant with operating an unlawful money transmittal business in violation of Banking Law § 650 (2) (b) (1). The indictment is not at issue on this appeal.”

Tupi Cambios, S.A. v. Morgenthau, 44 Misc. 3d 800 (N.Y. Sup. Ct. 2014). “Ultimately, the indictment initiating the prosecution was dismissed against Contreras and pursued only against BHSC, which ultimately was convicted of running a money transmitting business without the required license under Banking Law § 650 (2) (b) (1), a class E felony.”

United States v. Velastegui, 56 F. Supp. 2d 313 (S.D.N.Y. 1999). “” N.Y. Banking Law § 650 (1). Specifically, anyone who “engages in the business of receiving money for transmission or transmitting the same .”

Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.