Bill > A05192

This bill enacts the "community financial services access and modernization act" to modernize existing statutes and provide a comprehensive regulatory framework for the expanded financial services offered at neighborhood "check cashing" establishments. The key provisions include: - Updating terminology from "mobile units" to "limited stations" to reflect the evolving services provided at these locations. - Expanding the definition of "person" to include various legal entities beyond just individuals. - Modifying licensing requirements, fees, and capital needs to account for the broader range of financial services offered. - Adjusting regulations around the location and operation of limited stations, including exemptions from distance requirements in certain cases. - Enhancing reporting and oversight requirements for check cashing licensees. - Temporarily extending the maximum check cashing limit from $15,000 to $20,000, with certain exceptions. The bill aims to modernize the regulatory environment to better support the community-focused financial services provided at these neighborhood establishments.

Business and Industry

https://www.nysenate.gov/legislation/bills/2021/A5192