NY A01113

Authorizes licensed check cashers to offer short-term financial services loans of $300 to $2,000 (or 25% of borrower's gross monthly income, whichever is less) with loan terms between 90 and 180 days.

Establishes a loan eligibility registry maintained by the superintendent that licensees must query before issuing loans to prevent borrowers from having multiple outstanding loans simultaneously.

Caps interest rates at 25% annually plus an application fee (maximum $25), monthly maintenance fee (maximum $15), and allows fees for dishonored payments; prohibits advance interest deduction and interest compounding.

Requires written loan agreements with specific disclosures, allows borrowers to rescind loans within one business day, permits single refinancing after three consecutive payments, and prohibits secured loans, wage assignments, and criminal prosecution for non-payment.

Creates a financial education fund supported by 50-cent contributions per loan from licensees to develop financial literacy programs, with at least half offered through public community colleges or state institutions.