Bill > A00163

This bill modernizes the existing banking law to update terminology and expand the regulatory framework for check cashing establishments in New York State. The bill replaces the term "mobile unit" with "limited station" throughout the law, allowing check cashing businesses more flexibility in establishing additional service locations. It broadens the definition of who can be a licensed check casher to include various types of legal entities like limited liability companies. The bill increases the maximum check cashing amount from $15,000 to $20,000 and provides more nuanced rules about cashing post-dated checks, particularly for government, payroll, and certain other types of checks. The legislation also expands the superintendent of financial services' oversight, including the ability to require additional reporting and to review licensing processes. Notably, the bill requires a comprehensive review of the current licensing system within 90 days, with a report to be submitted to state leadership detailing application costs, processing times, and recommendations for improvement. The changes aim to reflect the evolving financial services landscape and provide a more comprehensive regulatory approach to check cashing businesses. The act will take effect 180 days after becoming law, with certain provisions set to expire on June 30, 2030.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A163