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Assembly Bill A7907

2017-2018 Legislative Session

Relates to conduit services

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Archive: Last Bill Status - In Assembly Committee

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2017-A7907 (ACTIVE) - Details

See Senate Version of this Bill:
S6121
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd §366, Bank L
Versions Introduced in 2019-2020 Legislative Session:
A6693

2017-A7907 (ACTIVE) - Summary

Relates to conduit services performed by licensees.

2017-A7907 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7907
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 18, 2017
                                ___________
 
 Introduced by M. of A. CRESPO -- read once and referred to the Committee
   on Banks
 
 AN ACT to amend the banking law, in relation to conduit services
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 2 of section 366 of the banking law, as amended
 by chapter 49 of the laws of 1961 and as renumbered by  chapter  132  of
 the laws of 1969, is amended and a new subdivision 4 is added to read as
 follows:
   2.  The  term  "licensee"  means  a  licensed casher of checks, drafts
 and/or money orders, AND CONDUIT SERVICES.
   4. THE TERM "CONDUIT SERVICES" MEANS  ACCOUNT  ACCESS  SERVICES,  BILL
 PAYMENT  SERVICES  AND ASSISTANCE IN PREPARATION AND SUBMISSION OF FORMS
 TO BE PROCESSED BY THE COLLABORATING FINANCIAL INSTITUTION PERMITTED  TO
 BE  OFFERED BY A LICENSEE UNDER THIS ARTICLE TO ITS CUSTOMERS IN COLLAB-
 ORATION WITH A STATE OR FEDERALLY CHARTERED BANK, TRUST COMPANY, SAVINGS
 BANK, SAVINGS AND LOAN ASSOCIATION OR CREDIT UNION PROVIDED THERE  IS  A
 WRITTEN  AGREEMENT  BETWEEN  THE  PARTIES APPROVED BY THE SUPERINTENDENT
 SETTING FORTH THE EXACT NATURE OF THE SERVICES TO BE  RENDERED  AND  THE
 COMPENSATION  FOR  SAME  INCLUDING  THE PERSON OR ENTITY RESPONSIBLE FOR
 SUCH COMPENSATION SUBJECT TO THE OVERSIGHT AND APPROVAL  OF  THE  SUPER-
 INTENDENT.  THE  TERM  "CONDUIT  SERVICES" DOES NOT INCLUDE ANY SERVICES
 WHICH EXCEED PREVAILING USURY PROVISIONS UNDER ANY NEW YORK STATE LAW.
   § 2. This act shall take effect on the thirtieth day  after  it  shall
 have become a law.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11690-01-7

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