Bill > S08279

This bill directs the superintendent of financial services to conduct two separate analyses and produce comprehensive reports within specific timeframes. First, within 90 days, the superintendent must analyze the financial stability of the check cashing industry by examining licensees' annual reports and store closure records from Article 9-A of the banking law, with a full report to be issued within 180 days to the governor and legislature, and made publicly available online. Second, also within 90 days, the superintendent must review the current licensing system for check cashing businesses, including processes for establishing new locations, relocating existing ones, and changes in business control. This review will assess application costs for businesses, processing expenses for the department of financial services, application review timelines, and will include recommendations for improving efficiency and reducing burdens. The superintendent is required to consult with check cashing licensees during this analysis and submit a report within 180 days to the governor and the chairs of the assembly and senate banks committees. The bill is designed to provide a comprehensive evaluation of the check cashing industry's financial health and licensing processes, with the goal of identifying potential improvements and efficiencies.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S8279