Bill > A09807

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. Specifically, it updates definitions and licensing requirements, removes restrictions on locations and types of checks that can be cashed, and enhances the superintendent's authority to oversee and regulate the industry. The bill also requires the superintendent to review the costs and efficiency of the licensing process and report back to the legislature within 180 days. Overall, the bill aims to better reflect the evolving nature of the financial services industry and ensure proper regulation and consumer protection.

Business and Industry

https://www.nysenate.gov/legislation/bills/2021/A9807