NY State Senate Bill 2025-S8279

Senate Bill S8279

2025-2026 Legislative Session

Directs 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

download bill text pdf

Current Bill Status - In Senate Committee Banks 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

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
May 29, 2025	referred to banks

2025-S8279 (ACTIVE) - Details

See Assembly Version of this Bill:: A8761
Current Committee:: Senate Banks
Law Section:: Banks

2025-S8279 (ACTIVE) - Summary

Directs 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 and issue reports on both topics.

2025-S8279 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S8279

SPONSOR: SEPULVEDA
 
TITLE OF BILL:

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

 
PURPOSE OR GENERAL IDEA OF THE BILL:

To authorize a prompt and comprehensive review and assessment by the
Superintendent of Financial Services of the delivery of check cashing
services within the State and its regulatory framework for doing so.

 
SUMMARY OF PROVISIONS:

Section 1. Mandates commencement within 90 days of enactment an analysis
by the Superintendent of licensee's reports annually required by Article
9-A of the Banking Law.

Section 2. Mandates a comprehensive review within 90 days of enactment a

comprehensive review of the licensure application process and adminis-
trative oversight by the Department of Financial Services of check cash-
ing enterprises licensed by the Department. If further mandates that a
report to the Governor and Chairs of the Banking Committee Chairs in
each house of the Legislature be submitted by the Superintendent within
one hundred eighty days of enactment.

Section 3. States the bill has an immediate effective date.

 
JUSTIFICATION:

The delivery of financial services to consumers has been revolutionized
by modern technological advances such as widespread access to the Inter-
net, smart phone capacity, electronic debit cards, ATM terminals and
other developments. Traditional banks have routinely shuttered brick and
mortar locations and increased electronic delivery of services to their
customers and account holders. The rules, regulations and oversight by
the Department of Financial of the licensed check casher enterprises has
not been comprehensively reviewed to permit the check casher enterprises
it licenses to diversify the methods and modes of delivery of services
by them to their customers. This bill would encourage the modernization
of the oversight rendered by the Department of Financial Services to
check casher licensees operating within the State.

 
PRIOR LEGISLATIVE HISTORY:

This is a new bill.

 
FISCAL IMPLICATIONS:

None, it is anticipated that existing personnel can complete the
mandated reports in this bill.

2025-S8279 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8279
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                               May 29, 2025
                                ___________
 
 Introduced by Sen. SEPULVEDA -- read twice and ordered printed, and when
   printed to be committed 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

 S. 8279                             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.

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