NY A07907

Amends the banking law to expand the definition of "licensee" to include entities offering conduit services, in addition to licensed cashers of checks, drafts, and money orders.

Defines "conduit services" as account access services, bill payment services, and assistance with preparing and submitting forms to be processed by a collaborating financial institution.

Permits licensees to offer conduit services in collaboration with state or federally chartered banks, trust companies, savings banks, savings and loan associations, or credit unions under a written agreement approved by the superintendent.

Requires the written agreement to specify the nature of services, compensation amounts, and the responsible party for compensation, all subject to superintendent oversight and approval.

Excludes from conduit services any services that exceed prevailing usury provisions under New York state law.

Takes effect thirty days after becoming law.