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

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:

     1    Section 1. Within ninety days of the effective date of this  act,  the
     2  superintendent  of  financial services shall commence an analysis of the
     3  financial stability of the check cashing industry  based  on  licensees'
     4  annual  reports and the record of store closures pursuant to article 9-A
     5  of the banking law, and within one hundred eighty days of the  effective
     6  date  of  this act shall issue a report to the governor and the legisla-
     7  ture, and make such report available to check cashing licensees  on  the
     8  department of financial services website.
     9    §  2. Within ninety days of the effective date of this act, the super-
    10  intendent of financial services shall commence a review of  such  super-
    11  intendent's  current system of issuing licenses for check cashing licen-
    12  sees,  the  establishment  of  new  check  cashing  locations,  for  the
    13  relocation  of  check  cashing  locations, and for changes of control of
    14  existing check cashing licensees, and shall issue a report to the gover-
    15  nor, the chair of the assembly banks committee, and  the  chair  of  the
    16  senate banks committee, regarding the costs (including application fees,
    17  preparation fees, and other costs) incurred by applicants to prepare and
    18  submit  applications,  the costs incurred by the department of financial
    19  services to review and process applications, the length of time required
    20  for the review and processing of applications by  such  department,  and
    21  recommendations to improve the efficiency and lessen the costs, burdens,
    22  and  length of such department's licensing processes. The superintendent
    23  of financial services shall report to the governor and to the respective
    24  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

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