S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8761
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               June 2, 2025
                                ___________
 
 Introduced  by  M. of A. CRUZ -- read once and referred to the Committee
   on Banks
 
 AN ACT directing the superintendent of financial services to conduct  an
   analysis  of the financial stability of the check cashing industry and
   review the current system of licensing for such industry

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Within ninety days of the effective date of this act, the
 superintendent of financial services shall commence an analysis  of  the
 financial  stability  of  the check cashing industry based on licensees'
 annual reports and the record of store closures pursuant to article  9-A
 of  the banking law, and within one hundred eighty days of the effective
 date of this act shall issue a report to the governor and  the  legisla-
 ture,  and  make such report available to check cashing licensees on the
 department of financial services website.
   § 2. Within ninety days of the effective date of this act, the  super-
 intendent  of  financial services shall commence a review of such super-
 intendent's current system of issuing licenses for check cashing  licen-
 sees,  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 shall issue a report to the gover-
 nor,  the  chair  of  the assembly banks committee, and the chair 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 commence-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11914-01-5
              

 A. 8761                             2
 
 ment  of  such  superintendent's review. The superintendent of financial
 services shall consult with and receive input from check cashing  licen-
 sees in the preparation of such superintendent's analysis and report.
   § 3. This act shall take effect immediately.