New York A 258: Provides for income access services in the state

Bill Text

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A00258 Summary:

BILL NOA00258A

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SAME ASSAME AS S03332-A

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SPONSORVanel

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COSPNSRWeprin, Berger, Stern, Cunningham, Yeger, Taylor, Rozic, Tapia, Wieder, McMahon, Hevesi

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MLTSPNSR

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Add Art 9-B §§374-aa - 374-nn, amd §§36, 37, 39 & 44, Bank L

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Provides for the licensing and regulation of income access services in the state.

Go to top A00258 Actions:

BILL NOA00258A

&nbsp

01/08/2025referred to banks

04/07/2025amend and recommit to banks

04/07/2025print number 258a

01/07/2026referred to banks

Go to topA00258 Committee&nbspVotes:

Go to topA00258 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA00258 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 258--A

 2025-2026 Regular Sessions

 IN ASSEMBLY

 (Prefiled)

 January 8, 2025
 ___________

 Introduced by M. of A. VANEL, WEPRIN -- read once and referred to the
 Committee on Banks -- committee discharged, bill amended, ordered
 reprinted as amended and recommitted to said committee

 AN ACT to amend the banking law, in relation to providing for income
 access services in the state

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The banking law is amended by adding a new article 9-B to
 2 read as follows:
 3 ARTICLE IX-B
 4 INCOME ACCESS SERVICES
 5 Section 374-aa. Definitions.
 6 374-bb. License.
 7 374-cc. Action by superintendent on application.
 8 374-dd. License provisions and posting.
 9 374-ee. Grounds for suspension or revocation of license; proce-
 10 dure.
 11 374-ff. Investigations and examinations.
 12 374-gg. Compliance.
 13 374-hh. Advertising.
 14 374-ii. Regulations and rulings.
 15 374-jj. Earned income access data collection and review.
 16 374-kk. Changes in control.
 17 374-ll. Violation and penalties.
 18 374-mm. Books and records; reports.
 19 374-nn. Severability.
 20 § 374-aa. Definitions. As used in this article, the following terms
 21 shall have the following meanings:
 22 1. "Consumer" means an individual who is a resident of the state of
 23 New York. A provider may use the mailing address provided by a consumer

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD01954-04-5

 A. 258--A 2

 1 to determine the consumer's state of residence for purposes of this
 2 chapter.
 3 2. "Debt collection activity" means the business of collection of any
 4 debts, directly or indirectly, owed or due or asserted to be owed or due
 5 another and the business of a buyer of debts who seeks to collect such
 6 debts either directly or indirectly, as well as the business of any
 7 creditor collecting its own debts if such creditor uses any name other
 8 than its own that would suggest or indicate that someone other than such
 9 creditor is collecting or attempting to collect such debts.
 10 3. "Earned but unpaid income" means wages or compensation that have
 11 been earned or have accrued to the benefit of a consumer but have not
 12 been paid by an obligor to that consumer for labor or services performed
 13 for or on behalf of an obligor.
 14 4. "Earned income access cap" means the limit on the amount that may
 15 be charged for an earned income access transaction which shall not
 16 exceed:
 17 (a) five dollars for a transaction of seventy-five dollars or less; or
 18 (b) seven dollars for a transaction that is more than seventy-five
 19 dollars.
 20 5. "Earned income access transaction" means the payment of earned but
 21 unpaid income to a consumer at a time other than the consumer's regular
 22 payday or other regularly scheduled time on which the obligor pays to
 23 the consumer wages or compensation earned or that have accrued to the
 24 benefit of such consumer.
 25 6. "Earned income access provider" or "provider" means a person or
 26 entity that:
 27 (a) provides, or offers to provide, on behalf of an obligor earned
 28 income access transactions to consumers earning wages or compensation
 29 from the obligor; or
 30 (b) offers earned income access transactions to, or enters into earned
 31 income transactions with, consumers.
 32 7. "Exempt organization" shall mean any banking organization, foreign
 33 banking corpor