BILL NUMBER: S8299
SPONSOR: SANDERS
 
TITLE OF BILL:
An act to amend chapter 591 of the laws of 2001, amending the banking
law relating to limiting the check cashing exemption for national banks
and other regulated entities, in relation to the effectiveness thereof
 
PURPOSE OR GENERAL IDEA OF BILL:
This bill will extend the sunset provisions on Chapter 591 of 2001.
 
SUMMARY OF SPECIFIC PROVISIONS:
Section one of the bill extends, until August 1, 2027, the provisions of
law enacted by Chapter 591 of 2001.
Section two of the bill relates to the effective date.
 
EXISTING LAW:
The provisions of Chapter 591 of 2001 - which provides that any separate
check cashing facilities established by banking institutions are subject
to the existing distance standard which applies to the licensing of
check casher operations, and which provisions were extended by Chapter
274 of 2023 - are currently scheduled to expire on August 1, 2025.
 
JUSTIFICATION:
This bill seeks to provide greater certainty, stability and predictabil-
ity in the industry by extending the sunset date on the provisions of
Chapter 591 of the Laws of 2001. The law, which is currently scheduled
to expire on August 1, 2025, provides that any separate check cashing
facilities established by banking institutions shall be subject to the
existing distance standard which applies to the licensing of check cash-
er operations. This prevents check cashing entities from being located
too close to each other.
 
PRIOR LEGISLATIVE HISTORY:
This is new legislation.
 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
None to the State.
 
EFFECTIVE DATE:
Immediately.