senate Bill S5423

2019-2020 Legislative Session

Relates to enacting the "community financial services access and modernization act of 2019"

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Sponsored By

Current Bill Status - In Senate Committee Banks Committee


  • 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
Jan 08, 2020 referred to banks
Apr 30, 2019 referred to banks

Co-Sponsors

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S5423 (ACTIVE) - Details

See Assembly Version of this Bill:
A7393
Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Amd Bank L, generally
Versions Introduced in 2017-2018 Legislative Session:
A7705

S5423 (ACTIVE) - Summary

Relates to enacting the "community financial services access and modernization act of 2019"; 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.

S5423 (ACTIVE) - Sponsor Memo

S5423 (ACTIVE) - Bill Text download pdf


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

                                  5423

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                             April 30, 2019
                               ___________

Introduced by Sen. SEPULVEDA -- 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 2019"; 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 2019".
  § 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] PROVIDING FINANCIAL SERVICES REGULATED BY THIS  ARTICLE
is to be conducted.

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

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