Bill > A07393

This bill modernizes existing statute to reflect the full scope of financial services available at neighborhood "check cashing" establishments, and provides for a comprehensive regulatory framework for the delivery of the expanded financial services currently being offered. The key provisions include: - Expanding the definition of "licensed casher of checks" to include a broader range of financial services beyond just check cashing, such as money transmission, bill payment, prepaid debit cards, and mass transit fare distribution. - Streamlining the licensing process for existing licensees to open additional locations, while maintaining liquidity and community need requirements. - Allowing for "limited stations" (previously "mobile units") to provide financial services in addition to the main licensed locations. - Updating regulations around fees, records, and reporting requirements to reflect the expanded financial services offered. - Granting the superintendent authority to examine the business practices of licensees and take enforcement actions as necessary. - Providing for the continuity of existing contracts and instruments entered into by financial service providers under the previous law.

Business and Industry, Housing and Urban Affairs

https://assembly.state.ny.us/leg/?default_fld=&bn=A07393&term=2019&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y