Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 03, 2018 |
referred to banks |
May 11, 2017 |
referred to banks |
Senate Bill S6121
2017-2018 Legislative Session
Sponsored By
(D, IP) Senate District
Archive: Last 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
Actions
co-Sponsors
(D) Senate District
(D) 32nd Senate District
2017-S6121 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A7907
- Current Committee:
- Senate Banks
- Law Section:
- Banking Law
- Laws Affected:
- Amd §366, Bank L
- Versions Introduced in 2019-2020 Legislative Session:
-
A6693
2017-S6121 (ACTIVE) - Sponsor Memo
BILL NUMBER: S6121 TITLE OF BILL : An act to amend the banking law, in relation to conduit services PURPOSE : To amend existing law to allow check cashers to provide limited conduit services SUMMARY OF PROVISIONS : Amends subdivision 2 of Section 366 of the banking law 1- to allow licensed cashers of checks to provide conduit services 2 - defines conduit services as: account access services; *bill payment services; and *assistance in preparation and submission of forms to be processed by the collaborating financial institution 3 - conduit services must be done in collaboration with a state or federally chartered bank, trust company, savings bank, savings and loan association or credit union 4 - by written agreement between the parties that must approved by the superintendent setting forth the exact nature of the services 5 - Services must not exceed the usury rate
2017-S6121 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6121 2017-2018 Regular Sessions I N S E N A T E May 11, 2017 ___________ Introduced by Sen. SAVINO -- 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 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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