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NY A08761
Bill
Status
6/2/2025
Primary Sponsor
Catalina Cruz
Click for details
AI Summary
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Requires the Superintendent of Financial Services to analyze the financial stability of the check cashing industry using licensees' annual reports and store closure records, with a report due within 180 days
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Mandates a review of the current licensing system for check cashing businesses, including processes for new locations, relocations, and changes of control
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Report must detail costs incurred by applicants (application fees, preparation fees) and by the Department of Financial Services to process applications, as well as processing timeframes
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Superintendent must provide recommendations to improve efficiency and reduce costs, burdens, and delays in the licensing process
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Reports to be submitted to the Governor, Legislature, and relevant committee chairs, with the financial stability report made publicly available on the DFS website
Legislative Description
Directs the superintendent of financial services to conduct an analysis of the financial stability of the check cashing industry and review the current system of licensing for such industry and issue reports on both topics.
Last Action
reported referred to ways and means
1/20/2026