Senate Bill S3237

2023-2024 Legislative Session

Enacts the "community financial services access and modernization act of 2024"

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Banks Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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Bill Amendments

co-Sponsors

2023-S3237 - Details

See Assembly Version of this Bill:
A480
Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Amd Bank L, generally
Versions Introduced in Other Legislative Sessions:
2019-2020: S5423
2021-2022: S2796, A9807

2023-S3237 - Summary

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.

2023-S3237 - Sponsor Memo

2023-S3237 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3237
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 30, 2023
                                ___________
 
 Introduced by Sens. SEPULVEDA, COMRIE, PARKER, SERRANO -- read twice and
   ordered  printed, and when printed to be committed 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 2023"; 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:
 
   Section 1. Short title. This act shall be known as and may be cited as
 the "community financial services access and modernization act of 2023".
   §  2.  Paragraph  (b)  of subdivision 5 of section 18-a of the banking
 law, as amended by chapter 155 of the laws of 2012, is amended  to  read
 as follows:
   (b) two thousand dollars when the application relates to the licensing
 of  an  additional  location or change of location or the licensing of a
 [mobile unit]  LIMITED STATION of a licensed casher of checks; or
   § 3. Section 366 of the banking law, as amended by chapter 49  of  the
 laws  of  1961,  subdivision  1 as amended by chapter 849 of the laws of
 1964 and as further amended by section 104 of part A of  chapter  62  of
 the  laws of 2011, and subdivisions 2 and 3 as renumbered by chapter 132
 of the laws of 1969, is amended to read as follows:
   § 366. Definitions. When used in this article. 1. The  term  "licensed
 casher  of  checks"  means  any [individual, partnership, unincorporated
 association or corporation] PERSON duly licensed by  the  superintendent
 of  financial  services to engage in business pursuant to the provisions
 of this article.
   2. The term "licensee" means  a  licensed  casher  of  checks,  drafts
 and/or money orders.
   3.  The  term  ["mobile  unit"] "LIMITED STATION" means any vehicle or
 other movable means from which the business of cashing checks, drafts or
 money orders is to be conducted.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02291-01-3
              

co-Sponsors

2023-S3237A (ACTIVE) - Details

See Assembly Version of this Bill:
A480
Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Amd Bank L, generally
Versions Introduced in Other Legislative Sessions:
2019-2020: S5423
2021-2022: S2796, A9807

2023-S3237A (ACTIVE) - Summary

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.

2023-S3237A (ACTIVE) - Sponsor Memo

2023-S3237A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  3237--A
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 30, 2023
                                ___________
 
 Introduced by Sens. SEPULVEDA, COMRIE, PARKER, SERRANO -- read twice and
   ordered  printed, and when printed to be committed to the Committee on
   Banks -- recommitted to the Committee  on  Banks  in  accordance  with
   Senate  Rule  6, sec. 8 -- committee discharged, bill amended, ordered
   reprinted as amended and recommitted to said committee

 AN ACT to amend the banking law, in relation to enacting the  "community
   financial  services access and modernization act of 2024"; 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:
 
   Section  1.  Short  title. This act shall be known and may be cited as
 the "community financial services access and modernization act of 2024".
   § 2. Paragraph (b) of subdivision 5 of section  18-a  of  the  banking
 law,  as  amended by chapter 155 of the laws of 2012, is amended to read
 as follows:
   (b) two thousand dollars when the application relates to the licensing
 of an additional location or change of location or the  licensing  of  a
 [mobile unit]  LIMITED STATION of a licensed casher of checks; or
   §  3.  Section 366 of the banking law, as amended by chapter 49 of the
 laws of 1961, subdivision 1 as amended by chapter 849  of  the  laws  of
 1964  and  as  further amended by section 104 of part A of chapter 62 of
 the laws of 2011, and subdivisions 2 and 3 as renumbered by chapter  132
 of the laws of 1969, is amended to read as follows:
   § 366.  Definitions.  When used in this article. 1. The term "licensed
 casher of checks" means  any  [individual,  partnership,  unincorporated
 association  or  corporation] PERSON duly licensed by the superintendent
 of financial services to engage in business pursuant to  the  provisions
 of this article.
   2.  The  term  "licensee"  means  a  licensed casher of checks, drafts
 and/or money orders.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02291-02-4
 S. 3237--A                          2
              

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