NY A06693

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 in preparation and submission of forms to be processed by collaborating financial institutions.

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

Requires the Superintendent of Banks to approve all written agreements between parties, including the exact nature of services, compensation amounts, and identification of the responsible party for compensation.

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

Takes effect thirty days after becoming law.