Assembly Bill A480A

2023-2024 Legislative Session

Enacts the "community financial services access and modernization act of 2024"

download bill text pdf

Sponsored By

Current Bill Status - In Assembly 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

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Actions

Bill Amendments

co-Sponsors

2023-A480 - Details

See Senate Version of this Bill:
S3237
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd Bank L, generally
Versions Introduced in Other Legislative Sessions:
2019-2020: S5423
2021-2022: A9807, S2796

2023-A480 - Summary

Enacts 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.

2023-A480 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    480
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              January 9, 2023
                                ___________
 
 Introduced by M. of A. CRUZ, COOK, HEVESI, RAMOS, FALL, DICKENS, BURGOS,
   SAYEGH,  STERN,  DILAN  --  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 2023"; 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 2023".
   §  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.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02291-01-3
              

co-Sponsors

2023-A480A (ACTIVE) - Details

See Senate Version of this Bill:
S3237
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd Bank L, generally
Versions Introduced in Other Legislative Sessions:
2019-2020: S5423
2021-2022: A9807, S2796

2023-A480A (ACTIVE) - Summary

Enacts 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.

2023-A480A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  480--A
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              January 9, 2023
                                ___________
 
 Introduced  by  M.  of  A.  CRUZ,  COOK, HEVESI, RAMOS, DICKENS, BURGOS,
   SAYEGH, STERN, DILAN, ZINERMAN, DAVILA -- read once  and  referred  to
   the  Committee  on  Banks  -- recommitted to the Committee on Banks in
   accordance with Assembly Rule 3, sec. 2 -- committee discharged,  bill
   amended,  ordered reprinted as amended and recommitted to said commit-
   tee
 
 AN ACT to amend the banking law, in relation to enacting the  "community
   financial  services access and modernization act of 2024"; 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 and may be cited as
 the "community financial services access and modernization act of 2024".
   § 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.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02291-03-4
              

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