Bill > S02796

This bill enacts the "community financial services access and modernization act" to modernize existing statutes to reflect the full scope of financial services available at neighborhood "check cashing" establishments and provide a comprehensive regulatory framework for the delivery of these expanded financial services. Key provisions include: - Updating terminology from "mobile unit" to "limited station" to reflect the current business model of these establishments. - Expanding the definition of "person" to include various legal entities. - Increasing the maximum check cashing amount from $15,000 to $20,000, with exceptions for certain types of checks. - Allowing check cashing for payees that are not natural persons without certain restrictions. - Requiring the Superintendent of Financial Services to review the check cashing licensing process and provide recommendations to improve efficiency and reduce costs. The bill aims to modernize regulations to support the evolving nature of neighborhood financial service providers and ensure appropriate oversight as they offer a broader range of services to the community.

Business and Industry

https://www.nysenate.gov/legislation/bills/2021/S2796