assembly Bill A9807

2021-2022 Legislative Session

Relates to enacting the "community financial services access and modernization act of 2022"

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Sponsored By

Current Bill Status - In Assembly 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 (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Apr 19, 2022 referred to banks

Co-Sponsors

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A9807 (ACTIVE) - Details

See Senate Version of this Bill:
S2796
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd Bank L, generally
Versions Introduced in 2019-2020 Legislative Session:
S5423

A9807 (ACTIVE) - Summary

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

A9807 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9807
 
                           I N  A S S E M B L Y
 
                              April 19, 2022
                                ___________
 
 Introduced  by  M. of A. CRUZ -- 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 2022"; 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 2022".
   §  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 is to be conducted.
   4. THE TERM "PERSON"  MEANS   ANY INDIVIDUAL OR  OTHER  LEGAL  ENTITY,
 INCLUDING ANY CORPORATION, PARTNERSHIP, ASSOCIATION OR LIMITED LIABILITY
 COMPANY.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04514-07-2