New York A 8761: Directs the superintendent of financial services to conduct an analysis of the financial stability of the check cashing industry and review the current system of licensing for such industry

Bill Text

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A08761 Summary:

BILL NOA08761 

&nbsp

SAME ASSAME AS S08279

&nbsp

SPONSORCruz

&nbsp

COSPNSRSayegh, Yeger, Taylor, Torres

&nbsp

MLTSPNSR

&nbsp

&nbsp

Directs the superintendent of financial services to conduct an analysis of the financial stability of the check cashing industry and review the current system of licensing for such industry and issue reports on both topics.

Go to top A08761 Actions:

BILL NOA08761 

&nbsp

06/02/2025referred to banks

01/07/2026referred to banks

01/20/2026reported referred to ways and means

Go to topA08761 Committee&nbspVotes:

Committee:BANKS Chair:Vanel 
DATE:01/20/2026AYE/NAY:19/7 Action: Favorable refer to committee Ways and Means VanelAyeBolognaNay

WeprinAyeMikulinNay

TaylorAyeSmullenNay

SternExcusedFitzpatrickExcused

SayeghAyeLemondesNay

BurkeExcusedDiPietroExcused

AndersonAyeChangNay

MitaynesAyeChludzinskiNay

SeptimoExcusedMolitorNay

TapiaAye

De Los SantosAye

CunninghamAye

LeeAye

RagaAye

BurdickAye

DaisAye

JacksonAye

TorresAye

HooksAye

WiederAye

WrightAye

YegerAye

Go to topA08761 Floor&nbspVotes:

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

Go to topA08761 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 8761

 2025-2026 Regular Sessions

 IN ASSEMBLY

 June 2, 2025
 ___________

 Introduced by M. of A. CRUZ -- read once and referred to the Committee
 on Banks

 AN ACT directing the superintendent of financial services to conduct an
 analysis of the financial stability of the check cashing industry and
 review the current system of licensing for such industry

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

 1 Section 1. Within ninety days of the effective date of this act, the
 2 superintendent of financial services shall commence an analysis of the
 3 financial stability of the check cashing industry based on licensees'
 4 annual reports and the record of store closures pursuant to article 9-A
 5 of the banking law, and within one hundred eighty days of the effective
 6 date of this act shall issue a report to the governor and the legisla-
 7 ture, and make such report available to check cashing licensees on the
 8 department of financial services website.
 9 § 2. Within ninety days of the effective date of this act, the super-
 10 intendent of financial services shall commence a review of such super-
 11 intendent's current system of issuing licenses for check cashing licen-
 12 sees, the establishment of new check cashing locations, for the
 13 relocation of check cashing locations, and for changes of control of
 14 existing check cashing licensees, and shall issue a report to the gover-
 15 nor, the chair of the assembly banks committee, and the chair of the
 16 senate banks committee, regarding the costs (including application fees,
 17 preparation fees, and other costs) incurred by applicants to prepare and
 18 submit applications, the costs incurred by the department of financial
 19 services to review and process applications, the length of time required
 20 for the review and processing of applications by such department, and
 21 recommendations to improve the efficiency and lessen the costs, burdens,
 22 and length of such department's licensing processes. The superintendent
 23 of financial services shall report to the governor and to the respective
 24 committee chairs within one hundred eighty days of the date of commence-

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD11914-01-5

 A. 8761 2

 1 ment of such superintendent's review. The superintendent of financial
 2 services shall consult with and receive input from check cashing licen-
 3 sees in the preparation of such superintendent's analysis and report.
 4 § 3. This act shall take effect immediately.

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