Bill > S05423

This bill modernizes the 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 these expanded financial services. Specifically, the bill: - Defines "financial services" to include check cashing, money transmission, bill payment, prepaid debit card sales, and mass transit fare card dispensing. - Streamlines the licensing process for existing licensees to open additional locations, and allows the superintendent to expedite applications for secondary licenses at different locations. - Expands the types of checks that can be cashed without limitation on the face amount, including those from workers' compensation funds, pension/profit-sharing funds, and unions. - Authorizes the superintendent to make rules and regulations for the proper conduct of the licensed financial services businesses. Overall, the bill aims to update the regulatory framework to better reflect the modern financial services offered by these neighborhood establishments.

Business and Industry

https://assembly.state.ny.us/leg/?default_fld=&bn=S05423&term=2019&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y