S 8279: 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.

  
  STATE OF NEW YORK ________________________________________________________________________ 8279 2025-2026 Regular Sessions  IN SENATE May 29, 2025 ___________ Introduced by Sen. SEPULVEDA -- read twice and ordered printed, and when printed to be committed to the Committee on Banks AN ACT directing 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 The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Within ninety days of the effective date of this act, the 2 superintendent of financial services shall commence an analysis of the 3 financial stability of the check cashing industry based on licensees' 4 annual reports and the record of store closures pursuant to article 9-A 5 of the banking law, and within one hundred eighty days of the effective 6 date of this act shall issue a report to the governor and the legisla- 7 ture, and make such report available to check cashing licensees on the 8 department of financial services website. 9 § 2. Within ninety days of the effective date of this act, the super- 10 intendent of financial services shall commence a review of such super- 11 intendent's current system of issuing licenses for check cashing licen- 12 sees, the establishment of new check cashing locations, for the 13 relocation of check cashing locations, and for changes of control of 14 existing check cashing licensees, and shall issue a report to the gover- 15 nor, the chair of the assembly banks committee, and the chair of the 16 senate banks committee, regarding the costs (including application fees, 17 preparation fees, and other costs) incurred by applicants to prepare and 18 submit applications, the costs incurred by the department of financial 19 services to review and process applications, the length of time required 20 for the review and processing of applications by such department, and 21 recommendations to improve the efficiency and lessen the costs, burdens, 22 and length of such department's licensing processes. The superintendent 23 of financial services shall report to the governor and to the respective 24 committee chairs within one hundred eighty days of the date of commence- EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11914-01-5 
 S. 8279 2 1 ment of such superintendent's review. The superintendent of financial 2 services shall consult with and receive input from check cashing licen- 3 sees in the preparation of such superintendent's analysis and report. 4 § 3. This act shall take effect immediately.