New York A 163: Enacts the "community financial services access and modernization act of 2024"

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A00163 Summary:

BILL NOA00163 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORCruz

&nbsp

COSPNSRCook, Hevesi, Ramos, Sayegh, Stern, Dilan, Zinerman, Davila

&nbsp

MLTSPNSR

&nbsp

Amd Bank L, generally

&nbsp

Enacts the "community financial services access and modernization act"; modernizes existing statute to reflect the full scope of financial services available at neighborhood "check cashing" establishments; provides for a comprehensive regulatory framework for the delivery of the expanded financial services currently being offered.

Go to top A00163 Actions:

BILL NOA00163 

&nbsp

01/08/2025referred to banks

01/08/2025enacting clause stricken

Go to topA00163 Committee&nbspVotes:

Go to topA00163 Floor&nbspVotes:

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

Go to topA00163 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 163

 2025-2026 Regular Sessions

 IN ASSEMBLY

 (Prefiled)

 January 8, 2025
 ___________

 Introduced by M. of A. CRUZ, COOK, HEVESI, RAMOS, SAYEGH, STERN, DILAN,
 ZINERMAN, DAVILA -- read once and referred to the Committee on Banks

 AN ACT to amend the banking law, in relation to enacting the "community
 financial services access and modernization act of 2025"; and provid-
 ing for the repeal of certain provisions upon expiration thereof

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

 1 Section 1. Short title. This act shall be known and may be cited as
 2 the "community financial services access and modernization act of 2025".
 3 § 2. Paragraph (b) of subdivision 5 of section 18-a of the banking
 4 law, as amended by chapter 155 of the laws of 2012, is amended to read
 5 as follows:
 6 (b) two thousand dollars when the application relates to the licensing
 7 of an additional location or change of location or the licensing of a
 8 [mobile unit] limited station of a licensed casher of checks; or
 9 § 3. Section 366 of the banking law, as amended by chapter 49 of the
 10 laws of 1961, subdivision 1 as amended by chapter 849 of the laws of
 11 1964 and as further amended by section 104 of part A of chapter 62 of
 12 the laws of 2011, and subdivisions 2 and 3 as renumbered by chapter 132
 13 of the laws of 1969, is amended to read as follows:
 14 § 366. Definitions. When used in this article. 1. The term "licensed
 15 casher of checks" means any [individual, partnership, unincorporated
 16 association or corporation] person duly licensed by the superintendent
 17 of financial services to engage in business pursuant to the provisions
 18 of this article.
 19 2. The term "licensee" means a licensed casher of checks, drafts
 20 and/or money orders.
 21 3. The term ["mobile unit"] "limited station" means any vehicle or
 22 other movable means from which the business of cashing checks, drafts or
 23 money orders is to be conducted.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD00735-01-5

 A. 163 2

 1 4. The term "person" means any individual or other legal entity,
 2 including any corporation, partnership, association or limited liability
 3 company.
 4 § 4. Section 367 of the banking law, as amended by chapter 151 of the
 5 laws of 1945, subdivision 3 as amended by section 7 of part D-1 of chap-
 6 ter 109 of the laws of 2006, and subdivision 4 as amended by chapter 96
 7 of the laws of 1981, is amended to read as follows:
 8 § 367. License requirements; fees; capital requirements. 1. No
 9 person[, partnership, association or corporation] shall engage in the
 10 business of cashing checks, drafts or money orders for a consideration
 11 without first obtaining a license from the superintendent.
 12 2. Application for such license shall be in writing, under oath, and
 13 in the form prescribed by the superintendent, and shall contain the
 14 name, and the address both of the residence and place of business, of
 15 the applicant, and if the applicant is a co-partnership [or], associ-
 16 ation or limited liability company, of every member thereof, and if a
 17 corporation, of each officer and director thereof; also, if the business
 18 is to be conducted at a specific address, the address at which the busi-
 19 nes