assembly Bill A672

2017-2018 Legislative Session

Relates to enacting the "community financial services access and modernization act of 2017"

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Sponsored By

Archive: Last Bill Status - Stricken


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 10, 2017 enacting clause stricken
Jan 09, 2017 referred to banks

Co-Sponsors

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A672 (ACTIVE) - Details

Current Committee:
Law Section:
Banking Law
Laws Affected:
Amd Bank L, generally
Versions Introduced in 2015-2016 Legislative Session:
A9634

A672 (ACTIVE) - Summary

Relates to enacting the "community financial services access and modernization act of 2017"; 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.

A672 (ACTIVE) - Bill Text download pdf


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                   672

                       2017-2018 Regular Sessions

                          I N  A S S E M B L Y

                             January 9, 2017
                               ___________

Introduced  by  M.  of  A.  RODRIGUEZ  --  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 2017"; 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 2017".
  §  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]  FINAN-
CIAL SERVICES PROVIDER; or
  §  3.  The  third undesignated paragraph of section 340 of the banking
law, as added by chapter 22 of the laws of 1990, is amended to  read  as
follows:
  Nothing  in  this  article  shall  apply  to  licensed collateral loan
brokers OR LICENSED FINANCIAL SERVICES PROVIDERS.
  § 4. 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, 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] FINANCIAL SERVICES PROVIDER" means any [individual,
partnership, unincorporated  association  or  corporation]  PERSON  duly
licensed  by the superintendent of financial services to engage in busi-
ness pursuant to the provisions of this article.

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