|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 08, 2020||referred to banks|
|Apr 30, 2019||referred to banks|
senate Bill S5423
Current Bill Status - In Senate Committee Banks Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S5423 (ACTIVE) - Details
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
BILL NUMBER: S5423 SPONSOR: SEPULVEDA TITLE OF BILL: An act to amend the banking law, in relation to enact- ing the "community financial services access and modernization act of 2019"; and providing for the repeal of certain provisions upon expira- tion thereof PURPOSE OR GENERAL IDEA OF BILL: To amend existing law by modernizing existing statute to reflect the full scope of financial services available at neighborhood "check cash- ing" establishments. SUMMARY OF PROVISIONS: Amends definitions in law to reflect financial services currently avail- able to include but not be limited to cashing of checks, money trans- mission services, bill payment services, and sale of prepaid debit cards. It modernizes the relationship between entities licensed to offer financial services and the Department of Financial Services by creating
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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