Senate Bill S5669

2023-2024 Legislative Session

Requires a study of the utilization of state government payments as an opportunity to transition unbanked and underbanked state residents into the banking system

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Current Bill Status Via A6924 - Passed Senate


  • 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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2023-S5669 (ACTIVE) - Details

See Assembly Version of this Bill:
A6924
Law Section:
Banks

2023-S5669 (ACTIVE) - Summary

Requires a study of the utilization of state government payments as an opportunity to transition unbanked and underbanked state residents into the banking system; requires a report shall be compiled and provided on the findings no later than eighteen months after the effective date of this act.

2023-S5669 (ACTIVE) - Sponsor Memo

2023-S5669 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5669
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              March 13, 2023
                                ___________
 
 Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Banks
 
 AN ACT in relation to the study of the utilization of  state  government
   payments  as  an  opportunity  to  transition unbanked and underbanked
   state residents into the banking system

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The superintendent of the department of financial services,
 in  conjunction  with  the director of the state budget, the director of
 state operations and the commissioner of the department of taxation  and
 finance, and in consultation with the state comptroller, shall study and
 issue  a comprehensive report on methods and opportunities to transition
 unbanked and underbanked state residents entitled  to  state  government
 payments into the banking system.
   1.  For  purposes  of this section, the following terms shall have the
 following meanings:
   a. "unbanked" shall mean an individual not served by an insured insti-
 tution in any capacity;
   b. "underbanked" shall mean  an  individual  with  an  account  at  an
 insured  institution but who has obtained alternative, nonbank financial
 services in the past twelve months; and
   c. "state agency" shall mean any agency, department,  bureau,  commis-
 sion,  board,  task  force,  committee,  public  benefit corporation, or
 public authority, where a member is appointed by the governor.
   2. Such study shall:
   a. examine the types of payments made by state agencies to state resi-
 dents including but not limited to tax returns, benefits, credits, unem-
 ployment insurance, and the lottery, which  are  made  in  a  sufficient
 amount to the unbanked and underbanked;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10095-01-3
 S. 5669                             2
 
              

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