Assembly Bill A672

2017-2018 Legislative Session

Relates to enacting the "community financial services access and modernization act of 2017"

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Archive: Last Bill Status - Stricken


  • 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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2017-A672 (ACTIVE) - Details

Law Section:
Banking Law
Laws Affected:
Amd Bank L, generally
Versions Introduced in 2015-2016 Legislative Session:
A9634

2017-A672 (ACTIVE) - Summary

Relates to enacting the "community financial services access and modernization act of 2017"; 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.

2017-A672 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    672
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              January 9, 2017
                                ___________
 
 Introduced  by  M.  of  A.  RODRIGUEZ  --  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 2017"; 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 2017".
   §  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]  FINAN-
 CIAL SERVICES PROVIDER; or
   §  3.  The  third undesignated paragraph of section 340 of the banking
 law, as added by chapter 22 of the laws of 1990, is amended to  read  as
 follows:
   Nothing  in  this  article  shall  apply  to  licensed collateral loan
 brokers OR LICENSED FINANCIAL SERVICES PROVIDERS.
   § 4. 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, 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] FINANCIAL SERVICES PROVIDER" means any [individual,
 partnership, unincorporated  association  or  corporation]  PERSON  duly
 licensed  by the superintendent of financial services to engage in busi-
 ness pursuant to the provisions of this article.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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