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.
§ 4. Section 367 of the banking law, as amended by chapter 151 of the
laws of 1945, subdivision 3 as amended by section 7 of part D-1 of chap-
ter 109 of the laws of 2006, and subdivision 4 as amended by chapter 96
of the laws of 1981, is amended to read as follows:
§ 367. License requirements; fees; capital requirements. 1. No
person[, partnership, association or corporation] shall engage in the
business of cashing checks, drafts or money orders for a consideration
without first obtaining a license from the superintendent.
2. Application for such license shall be in writing, under oath, and
in the form prescribed by the superintendent, and shall contain the
name, and the address both of the residence and place of business, of
the applicant, and if the applicant is a co-partnership [or], associ-
ation OR LIMITED LIABILITY COMPANY, of every member thereof, and if a
corporation, of each officer and director thereof; also, if the business
is to be conducted at a specific address, the address at which the busi-
ness is to be conducted, and if the business is to be conducted from a
[mobile unit] LIMITED STATION, the New York state registration number or
other identification of such [mobile unit] LIMITED STATION and the area
in which the applicant proposes to operate such [mobile unit] LIMITED
STATION; and also such further information as the superintendent may
require.
3. Such applicant at the time of making such application shall pay to
the superintendent a fee as prescribed pursuant to section eighteen-a of
this chapter for investigating the application. Any licensee requesting
a change of address, shall at the time of making such request, pay to
the superintendent a fee as prescribed pursuant to section eighteen-a of
this chapter for investigating the new address; provided, however, that
the superintendent may, [in his or her] AT SUCH SUPERINTENDENT'S
discretion, waive such investigation fee if warranted, and provided
further, that no fee shall be payable for the relocation of a limited
station.
4. Every applicant shall prove, in form satisfactory to the super-
intendent that [he or it] SUCH APPLICANT has available for the operation
of such business, for each location and for each [mobile unit] LIMITED
STATION specified in the application, liquid assets of at least ten
thousand dollars, and every licensee shall continuously maintain for the
operation of such business for each location and for each [mobile unit]
LIMITED STATION liquid assets of at least ten thousand dollars. Notwith-
standing the foregoing provisions of this subdivision, the superinten-
dent, upon application by an applicant and for good cause shown, may
permit a reduction from ten thousand dollars to not less than five thou-
sand dollars of minimum liquid assets required for each location.
§ 5. Section 369 of the banking law, as amended by chapter 151 of the
laws of 1945, subdivision 1 as amended by chapter 233 of the laws of
2005, subdivisions 4 and 5 as amended by chapter 132 of the laws of
1969, subdivision 6 as amended by section 1 of subpart A of part II of
chapter 55 of the laws of 2019, and subdivision 7 as added by chapter
485 of the laws of 1947, is amended to read as follows:
§ 369. Conditions precedent to issuing license; issuance and filing of
license; posting license. 1. If the superintendent shall find that the
S. 3237--A 3
financial responsibility, experience, character, and general fitness of
the applicant, and of the members thereof if the applicant be a co-part-
nership [or], association OR LIMITED LIABILITY COMPANY, and of the offi-
cers and directors thereof if the applicant be a corporation, are such
as to command the confidence of the community and to warrant belief that
the business will be operated honestly, fairly, and efficiently within
the purposes of this article, and if the superintendent shall find that
the granting of such application will promote the convenience and advan-
tage of the area in which such business is to be conducted, and if the
superintendent shall find that the applicant has available for the oper-
ation of such business for each location and for each [mobile unit]
LIMITED STATION specified in the application liquid assets of at least
ten thousand dollars, the superintendent shall thereupon execute a
license in duplicate to permit the cashing of checks, drafts and money
orders in accordance with the provisions of this article at the location
or in the area specified in such application. In finding whether the
application will promote the convenience and advantage to the public,
the superintendent shall determine whether there is a community need for
a new licensee in the proposed area to be served. No license shall be
issued to an applicant for a license, at a location to be licensed which
is closer than one thousand five hundred eighty-four feet (three-tenths
of a mile) from an existing licensee, except with the written consent of
such existing licensee or pursuant to subdivision three of section three
hundred seventy of this article, subject to any restriction or condition
as the superintendent may promulgate by regulation; provided, however,
the superintendent may permit a location to be licensed that is closer
than three-tenths of a mile from an existing licensee provided such
applicant engages in the cashing of checks, drafts or money orders only
for payees of such checks, drafts or money orders that are other than
natural persons at the location to be licensed and such applicant was
engaged in the cashing of such checks, drafts or money orders for payees
that are other than natural persons at such location on or before the
fourteenth day of July, two thousand four, and provided further that
upon licensing any such location by the superintendent, such license as
it pertains solely to such location shall not be affected thereafter by
any change of control of such license pursuant to section three hundred
seventy-a of this article, provided that the licensee continues there-
after to engage at that location in the cashing of checks, drafts or
money orders only for payees that are other than natural persons and
provided further that such license shall bear a legend stating that such
location is restricted to the cashing of checks, drafts or money orders
only for payees that are other than natural persons. The three-tenths of
a mile distance requirement as set forth in this section shall not apply
in cases where the existing licensee is a restricted location as author-
ized in the preceding sentence, or is any other licensed location that
engages solely in the cashing of checks, drafts or money orders only for
payees that are other than natural persons. For purposes of this
section, such distance shall be measured on a straight line along the
street between the nearest point of the store fronts of the check cash-
ing facilities. The primary business of the licensee, at the location to
be licensed, shall be financial services. The superintendent shall tran-
smit one copy of such license to the applicant and file another in the
office of the department. Notwithstanding the foregoing provisions of
this subdivision, the superintendent, upon application by an applicant
and for good cause shown, may permit a reduction from ten thousand
S. 3237--A 4
dollars to not less than five thousand dollars of minimum liquid assets
required for each location.
2. Such license shall state the name of the licensee; and if the
licensee is a co-partnership [or], association OR LIMITED LIABILITY
COMPANY, the names of the members thereof; and if the licensee is a
corporation, the date of its incorporation; and if the business is to be
conducted at a specific address, the address at which such business is
to be conducted; and if the business is to be conducted through the use
of a [mobile unit] LIMITED STATION, the New York state registration
number or other identification of such [mobile unit] LIMITED STATION and
the area in which such [mobile unit] LIMITED STATION is authorized to do
business.
3. Such license shall be kept conspicuously posted in the place of
business of the licensee or, in the case of a [mobile unit] LIMITED
STATION, upon such [mobile unit] LIMITED STATION. Such license shall
not be transferable or assignable.
4. Such license shall remain in full force and effect until it is
surrendered by the licensee or revoked or suspended as provided in this
article.
5. If the superintendent shall find that the applicant fails to meet
any of the conditions set forth in subdivision one of this section, [he]
SUCH SUPERINTENDENT shall not issue such license, and [he] SUCH SUPER-
INTENDENT shall notify the applicant of the denial. If an application
is denied or withdrawn, the superintendent shall retain the investi-
gation fee to cover the costs of investigating the application and
return the license fee to the applicant.
6. The superintendent may, consistent with article twenty-three-A of
the correction law, refuse to issue a license pursuant to this article
if [he] SUCH SUPERINTENDENT shall find that the applicant, or any person
who is a director, officer, partner, agent, employee or substantial
stockholder of the applicant, (a) has been convicted of a crime in any
jurisdiction or (b) is associating or consorting with any person who
has, or persons who have, been convicted of a crime or crimes in any
jurisdiction or jurisdictions. For the purposes of this article, a
person shall be deemed to have been convicted of a crime if such person
shall have pleaded guilty to a charge thereof before a court or magis-
trate, or shall have been found guilty thereof by the decision or judg-
ment of a court or magistrate or by the verdict of a jury, irrespective
of the pronouncement of sentence or the suspension thereof. The term
"substantial stockholder," as used in this subdivision, shall be deemed
to refer to a person owning or controlling ten per centum or more of the
total outstanding stock of the corporation in which such person is a
stockholder. In making a determination pursuant to this subdivision, the
superintendent shall require fingerprinting of the applicant. Such fing-
erprints shall be submitted to the division of criminal justice services
for a state criminal history record check, as defined in subdivision one
of section three thousand thirty-five of the education law, and may be
submitted to the federal bureau of investigation for a national criminal
history record check.
7. No license pursuant to this article shall be issued to any appli-
cant to do business at the place specified in the application as the
place where the business is to be conducted if, within the twelve months
preceding such application, a license to engage in business pursuant to
this article at such place shall have been revoked.
§ 6. Section 370 of the banking law, as amended by chapter 151 of the
laws of 1945, subdivision 2 as amended by section 38 of part O of chap-
S. 3237--A 5
ter 59 of the laws of 2006 and subdivision 3 as amended by chapter 703
of the laws of 2006, is amended to read as follows:
§ 370. Restrictions as to place or area of doing business; establish-
ment of stations; change of location. 1. No more than one place of busi-
ness or one [mobile unit] LIMITED STATION shall be maintained under the
same license; provided, however, that more than one license may be
issued to the same licensee upon compliance with the provisions of this
article for each new license.
2. Any licensed casher of checks may open and maintain, within this
state, one or more limited stations for the purpose of cashing checks,
drafts or money orders for the particular group or groups specified in
the license authorizing each such station. Such stations shall be
licensed pursuant to and be subject to all the provisions of this chap-
ter applicable to licensed cashers of checks, except that (a) such
station shall not be subject to the distance limitation set forth in
subdivision one of section three hundred sixty-nine of this article, (b)
the fee for investigating the application for a station shall be as
prescribed pursuant to section eighteen-a of this chapter, and (c) where
such a station is at the premises of a specified employer for the
purpose of cashing checks, drafts and money orders for the employees of
such employer, the fees and charges for cashing such checks, drafts or
money orders shall not be subject to the limitations of subdivision one
of section three hundred seventy-two of this article if such fees and
charges are paid by such employer.
3. A licensee may make a written application to the superintendent for
leave to change [his or her] SUCH LICENSEE'S place of business, or in
the case of a [mobile unit] LIMITED STATION, the area in which such unit
is authorized to be operated, stating the reasons for such proposed
change. Such application may be approved for relocation from a site
within three-tenths of a mile of another licensee to another site within
three-tenths of a mile of such other licensee provided that such new
site is farther from such existing licensee than the site from which
permission to relocate is sought. Only in situations in which a licensee
seeks to change its place of business due to extraordinary circum-
stances, as may be determined by the superintendent pursuant to regu-
lations, may the superintendent, [in his or her] AT SUCH SUPERINTEN-
DENT'S discretion, determine that an application may be approved for
relocation from a site within three-tenths of a mile of another licensee
to a new site which is closer to such existing licensee than the site
from which permission to relocate is sought. Notwithstanding any other
provision of this subdivision, a licensee may relocate from any location
to a location that is within three-tenths of a mile from another licen-
see with the written consent of the other licensee. If the superinten-
dent approves such application [he or she] THE SUPERINTENDENT shall
issue a new license in duplicate in accordance with the provisions of
section three hundred sixty-nine of this article, stating the new
location of such licensee or, in the case of a [mobile unit] LIMITED
STATION, the new area in which such [mobile unit] LIMITED STATION may be
operated.
§ 7. Subdivision 4 of section 370-a of the banking law, as added by
chapter 142 of the laws of 1992, is amended to read as follows:
4. As used in this section[: (a) the term "person" includes an indi-
vidual, partnership, corporation, association or any other organization,
and (b)], the term "control" means the possession, directly or indirect-
ly, of the power to direct or cause the direction of the management and
policies of a licensee, whether through the ownership of voting stock of
S. 3237--A 6
such licensee, the ownership of voting stock of any person which
possesses such power or otherwise. Control shall be presumed to exist if
any person, directly or indirectly, owns, controls or holds with power
to vote ten per centum or more of the voting stock of any licensee or of
any person which owns, controls or holds with power to vote ten per
centum or more of the voting stock of any licensee, but no person shall
be deemed to control a licensee solely by reason of being an officer or
director of such licensee or person. The superintendent may [in his] AT
SUCH SUPERINTENDENT'S discretion, upon the application of a licensee or
any person who, directly or indirectly, owns, controls or holds with
power to vote or seeks to own, control or hold with power to vote any
voting stock of such licensee, determine whether or not the ownership,
control or holding of such voting stock constitutes or would constitute
control of such licensee for purposes of this section.
§ 8. Section 371 of the banking law, as added by chapter 151 of the
laws of 1945, is amended to read as follows:
§ 371. Regulations. The superintendent is hereby authorized and
empowered to make such rules and regulations, and such specific rulings,
demands, and findings as [he] SUCH SUPERINTENDENT may deem necessary for
the proper conduct of the business authorized and licensed under and for
the enforcement of this article, in addition hereto and not inconsistent
herewith.
§ 9. Section 372 of the banking law, as amended by chapter 151 of the
laws of 1945, the section heading and subdivision 1 as amended and
subdivision 7 as added by chapter 432 of the laws of 2004, subdivisions
2, 3 and 4 as added and subdivisions 5 and 6 as renumbered by chapter
263 of the laws of 1983, and subdivision 6 as added by chapter 485 of
the laws of 1947, is amended to read as follows:
§ 372. Fees and charges; posting schedule; records and reports. 1. The
superintendent shall, by regulation, establish the maximum fees which
may be charged by licensees for cashing a check, draft, or money order.
No licensee shall charge or collect any sum for cashing a check, draft,
or money order in excess of that established by the superintendent's
regulations; provided, however, that no maximum fee shall apply to the
charging of fees by licensees for the cashing of checks, drafts or money
orders for payees of such checks, drafts or money orders that are other
than natural persons.
2. The schedule of fees and charges permitted under this section shall
be conspicuously and continuously posted in every location and [mobil
unit] LIMITED STATION licensed under this article.
3. ONLY IN THE CASE OF AN INTERNET, DIGITAL OR OTHER ELECTRONIC ADVER-
TISEMENT OR SOLICITATION, A LICENSEE SHALL BE DEEMED TO HAVE FULFILLED
THE DISCLOSURE REQUIREMENTS REQUIRED BY LAW WITH RESPECT TO SUCH INTER-
NET, DIGITAL OR OTHER ELECTRONIC ADVERTISEMENT OR SOLICITATION ONLY BY
DISPLAYING THE DISCLOSURES ON ITS WEBSITE, SO LONG AS THE ADVERTISEMENT
OR SOLICITATION INCLUDES A LINK DIRECTLY TO SUCH WEBSITE, AND PROVIDED
THIS DOES NOT MODIFY IN-STORE DISCLOSURE REQUIREMENTS.
4. No change in fees shall become effective earlier than thirty days
after the superintendent shall notify the majority leader of the senate,
the speaker of the assembly, and the chairmen of both the senate and
assembly committees on banks of [his] SUCH SUPERINTENDENT'S intention to
change fees.
[4.] 5. The fees in effect immediately prior to the effective date of
this subdivision shall continue to be the maximum allowable fees until
revised by the superintendent's regulations.
S. 3237--A 7
[5.] 6. Each licensee shall keep and use in its business such books,
accounts, and records as the superintendent may require to carry into
effect the provisions of this article and the rules and regulations made
by the superintendent hereunder. Every licensee shall preserve such
books, accounts and records for at least two years.
[6.] 7. Before a licensee shall deposit with any banking organization,
or with any organization engaged in the business of banking, a check,
draft or money order cashed by such licensee, the same must be endorsed
with the actual name under which such licensee is doing business and
must have the words "licensed casher of checks" legibly written or
stamped immediately after or below such name.
[7.] 8. Every licensee shall submit to the superintendent, or such
person as the superintendent may designate, such suspicious activity
reports or currency transaction reports as are required to be submitted
to federal authorities pursuant to provisions of the Bank Secrecy Act
(subchapter 11, chapter 53, title 31, United States code) and regu-
lations and administrative orders related thereto, as amended, within
the periods of time as required by such act and regulations. A licensee
may submit a copy of any such report to the superintendent, or such
person as the superintendent may designate, that is filed with such
federal authorities. The superintendent may adopt such regulations or
require such additional reports as [he or she] SUCH SUPERINTENDENT deems
necessary to insure the effective enforcement of this subdivision.
§ 10. Section 372-a of the banking law, as added by chapter 432 of the
laws of 2004, is amended to read as follows:
§ 372-a. Superintendent authorized to examine. 1. For the purpose of
discovering violations of this article or securing information lawfully
required in this section, the superintendent may at any time, and as
often as may be determined, either personally or by a person duly desig-
nated by the superintendent, investigate the [cashing of checks by]
licensees AND THEIR BUSINESS PRACTICES AS AUTHORIZED BY THIS ARTICLE and
examine the books, accounts, records, and files used therein of every
licensee.
2. For the purpose established in subdivision one of this section, the
superintendent and [his or her] SUCH SUPERINTENDENT'S duly designated
representatives shall have free access to the offices and places of
business, books, accounts, papers, records, files, safes and vaults of
all such licensees. The superintendent shall have authority to require
the attendance of and to examine under oath all persons whose testimony
may be required relative to such cashing of checks or such business.
§ 11. Subdivisions 1 and 2 of section 373 of the banking law, subdivi-
sion 1 as amended by chapter 432 of the laws of 2004 and subdivision 2
as amended by chapter 132 of the laws of 1969, are amended to read as
follows:
1. No licensee shall engage in the business of making loans of money,
credit, goods or things or discounting of notes, bills of exchange,
checks, or other evidences of debt pursuant to the provisions of article
nine of this chapter, nor shall a loan business or the negotiation of
loans or the discounting of notes, bills of exchange, checks or other
evidences of debt be conducted on the same premises where the licensee
is conducting business pursuant to the provisions of this article.
Except as otherwise provided by regulation of the superintendent, all
checks, drafts and money orders shall be deposited in the licensee's
bank account not later than the first business day following the day on
which they were cashed. No licensee shall at any time cash or advance
any moneys on a post-dated check or draft or engage in the business of
S. 3237--A 8
transmitting money or receiving money for transmission; provided, howev-
er, that a licensee may cash a check [payable on the first banking busi-
ness day following the date of cashing (a) if such check is drawn by the
United States, the state of New York, or any political subdivision of
the state of New York, or by any department, bureau, agency, authority,
instrumentality or officer, acting in his official capacity, of the
United States or of the state of New York or of any political subdivi-
sion of the state of New York, or (b) if such check is a payroll check
drawn by an employer to the order of its employee in payment for
services performed by such employee] WITHOUT REGARD TO THE DATE
IMPRINTED ON THE CHECK AS LONG AS THE CHECK IS DATED NOT MORE THAN FIVE
BUSINESS DAYS AFTER THE DATE OF PRESENTMENT AND AS LONG AS THE CHECK IS
DEPOSITED IN THE LICENSEE'S BANK ACCOUNT NOT LATER THAN THE FIRST BUSI-
NESS DAY FOLLOWING THE DAY ON WHICH IT WAS CASHED THAT IS: (A) PAYABLE
NO MORE THAN FIVE BANKING BUSINESS DAYS FOLLOWING THE DATE OF CASHING IF
SUCH CHECK IS DRAWN BY THE UNITED STATES, THE STATE OF NEW YORK, OR ANY
POLITICAL SUBDIVISION OF THE STATE OF NEW YORK, OR BY ANY DEPARTMENT,
BUREAU, AGENCY, AUTHORITY, INSTRUMENTALITY OR OFFICER, ACTING IN SUCH
OFFICER'S OFFICIAL CAPACITY, OF THE UNITED STATES OR OF THE STATE OF NEW
YORK OR OF ANY POLITICAL SUBDIVISION OF THE STATE OF NEW YORK; (B) PAYA-
BLE NO MORE THAN FIVE BANKING BUSINESS DAYS FOLLOWING THE DATE OF CASH-
ING IF SUCH CHECK IS PAYABLE TO A NATURAL PERSON AND IS IN AN AMOUNT NOT
EXCEEDING ONE THOUSAND DOLLARS; OR (C) PAYABLE ON THE FIRST BANKING
BUSINESS DAY FOLLOWING THE DATE OF CASHING IF SUCH CHECK IS A PAYROLL
CHECK DRAWN BY AN EMPLOYER TO THE ORDER OF ITS EMPLOYEE IN PAYMENT FOR
SERVICES PERFORMED BY SUCH EMPLOYEE. ANY LICENSEE WHO CASHES POST-DATED
CHECKS PURSUANT TO PARAGRAPH (A) OR (B) OF THIS SUBDIVISION SHALL DO SO
SUBJECT TO THE SAFETY AND SOUNDNESS REQUIREMENTS OF THIS ARTICLE,
INCLUDING ESTABLISHMENT OF POLICIES AND PROCEDURES TO IMPLEMENT ROBUST
DUE DILIGENCE, RISK MANAGEMENT, LIQUIDITY MANAGEMENT, STRUCTURED TRANS-
ACTIONS AND FRAUD PREVENTION. No licensee shall cash any check, draft
or money order if the face amount for which it is drawn is in excess of
[fifteen] TWENTY thousand dollars; provided, however, that this
restriction shall not apply to the cashing of checks, drafts or money
orders drawn by the United States, any state thereof or any political
subdivision of any such state, or by any department, bureau, agency,
authority, instrumentality or officer, acting in [his] SUCH OFFICER'S
official capacity, of the United States, any state thereof or any poli-
tical subdivision of any such state, or any [banking] FINANCIAL institu-
tion, or to any check or draft drawn by OR ON ACCOUNT OF any insurance
company, attorney for the settlement of claims, or to any check which
has been certified OR GUARANTEED by the [banking] FINANCIAL institution
on which it has been drawn, OR IF SUCH CHECK IS DRAWN ON A BONA FIDE
WORKERS' COMPENSATION FUND ISSUED BY A THIRD-PARTY PAYOR, OR IF SUCH
CHECK IS DRAWN BY AN EMPLOYER FROM A PENSION OR PROFIT-SHARING FUND, OR
IF SUCH CHECK IS DRAWN BY A UNION FROM A PENSION OR BENEFIT FUND OR IF
SUCH CHECK IS DRAWN BY A UNION; provided further, however, that any such
restriction upon the maximum face amount that may be cashed by a licen-
see shall not apply to the cashing of checks, drafts or money orders by
licensees for payees of such checks, drafts or money orders that are
other than natural persons. For purposes of this subdivision, "[banking]
FINANCIAL institution" means any bank, trust company, savings bank,
savings and loan association [or], credit union OR OTHER FINANCIAL
INSTITUTION which is incorporated, chartered [or], organized OR LICENSED
under the laws of this state or any other state or the United States.
S. 3237--A 9
2. The superintendent may suspend or revoke any license or licenses
issued pursuant to this article if, after notice and a hearing, [he]
SUCH SUPERINTENDENT shall find that the licensee (a) has committed any
fraud, engaged in any dishonest activities or made any misrepresen-
tation; or (b) has violated any provisions of the banking law or any
regulation issued pursuant thereto, or has violated any other law in the
course of [its or his] SUCH LICENSEE'S dealings as a licensed casher of
checks; or (c) has made a false statement in the application for such
license or failed to give a true reply to a question in such applica-
tion; or (d) has demonstrated [his or its] SUCH LICENSEE'S incompetency
or untrustworthiness to act as a licensed casher of checks; or (e) is
not doing sufficient business pursuant to this article to justify the
continuance of the license, or if [he] SUCH SUPERINTENDENT shall find
that any ground or grounds exist which would require or warrant the
refusal of an application for the issuance of the license if such an
application were then before [him] SUCH SUPERINTENDENT. Such a hearing
shall be held in the manner and upon such notice as may be prescribed by
the superintendent. Pending an investigation or a hearing for the
suspension or revocation of any license or licenses issued pursuant to
this article, the superintendent may temporarily suspend such license or
licenses for a period not to exceed ninety days, provided the super-
intendent shall find that such a temporary suspension is in the public
interest.
§ 12. Subdivision 3 of section 37 of the banking law, as amended by
chapter 360 of the laws of 1984, is amended to read as follows:
3. In addition to any reports expressly required by this chapter to be
made, the superintendent may require any banking organization, licensed
lender, licensed casher of checks, licensed mortgage banker, foreign
banking corporation licensed by the superintendent to do business in
this state, bank holding company and any non-banking subsidiary thereof,
corporate affiliate of a corporate banking organization within the mean-
ing of subdivision six of section thirty-six of this article and any
non-banking subsidiary of a corporation which is an affiliate of a
corporate banking organization within the meaning of subdivision six-a
of section thirty-six of this article to make special reports to [him]
THE SUPERINTENDENT at such times as [he] SUCH SUPERINTENDENT may
prescribe.
§ 13. Within ninety days of the effective date of this act, the
superintendent of financial services shall commence a review of such
superintendent's current system of issuing licenses for check cashing
licensees, the establishment of new check cashing locations, for the
relocation of check cashing locations, and for changes of control of
existing check cashing licensees, and will issue a report to the gover-
nor, the chairman of the assembly banks committee, and the chairman of
the senate banks committee, regarding the costs (including application
fees, preparation fees, and other costs) incurred by applicants to
prepare and submit applications, the costs incurred by the department of
financial services to review and process applications, the length of
time required for the review and processing of applications by such
department, and recommendations to improve the efficiency and lessen the
costs, burdens, and length of such department's licensing processes. The
superintendent of financial services shall report to the governor and to
the respective committee chairs within one hundred eighty days of the
date of commencement of such superintendent's review. The superintendent
of financial services shall consult with and receive input from check
S. 3237--A 10
cashing licensees in the preparation of such superintendent's analysis
and report.
§ 14. This act shall take effect on the one hundred eightieth day
after it shall have become a law; provided, however, that:
(a) the amendments to section 373 of the banking law made by section
eleven of this act shall expire and be deemed repealed June 30, 2029;
and
(b) any contract, instrument, agreement or other written obligation
entered into by a financial services provider authorized under section
373 of the banking law prior to June 30, 2029 shall be deemed valid and
enforceable after such date.
Effective immediately the addition, amendment and/or repeal of any
rule or regulation necessary for the implementation of this act on its
effective date are authorized to be made and completed on or before such
effective date.
