Bill > A08761

This bill directs the superintendent of financial services to conduct two key analyses of the check cashing industry within 90 days of the act's effective date. First, the superintendent must analyze the financial stability of the check cashing industry by examining licensees' annual reports and store closure records, and then issue a comprehensive report to the governor and legislature within 180 days, which will be made publicly available on the department's website. Second, the superintendent must review the current licensing system for check cashing businesses, including processes for establishing new locations, relocating existing locations, and changing business control. This review will specifically examine application costs for businesses, processing costs and time for the department, and potential recommendations to improve efficiency and reduce burdens. The superintendent is required to consult with check cashing licensees during this review and report findings to the governor and legislative committee chairs within 180 days. The bill aims to provide transparency and potentially streamline regulatory processes in the check cashing industry, which provides financial services to individuals who may not have traditional banking relationships.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A8761