Bill Text: NY A00480 | 2023-2024 | General Assembly | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Enacts the "community financial services access and modernization act"; modernizes existing statute to reflect the full scope of financial services available at neighborhood "check cashing" establishments; provides for a comprehensive regulatory framework for the delivery of the expanded financial services currently being offered.
Spectrum: Partisan Bill (Democrat 11-0)
Status: (Introduced) 2024-04-03 - print number 480a [A00480 Detail]
Download: New_York-2023-A00480-Introduced.html
Bill Title: Enacts the "community financial services access and modernization act"; modernizes existing statute to reflect the full scope of financial services available at neighborhood "check cashing" establishments; provides for a comprehensive regulatory framework for the delivery of the expanded financial services currently being offered.
Spectrum: Partisan Bill (Democrat 11-0)
Status: (Introduced) 2024-04-03 - print number 480a [A00480 Detail]
Download: New_York-2023-A00480-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 480 2023-2024 Regular Sessions IN ASSEMBLY January 9, 2023 ___________ Introduced by M. of A. CRUZ, COOK, HEVESI, RAMOS, FALL, DICKENS, BURGOS, SAYEGH, STERN, DILAN -- read once and referred to the Committee on Banks AN ACT to amend the banking law, in relation to enacting the "community financial services access and modernization act of 2023"; and provid- ing for the repeal of certain provisions upon expiration thereof The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Short title. This act shall be known as and may be cited as 2 the "community financial services access and modernization act of 2023". 3 § 2. Paragraph (b) of subdivision 5 of section 18-a of the banking 4 law, as amended by chapter 155 of the laws of 2012, is amended to read 5 as follows: 6 (b) two thousand dollars when the application relates to the licensing 7 of an additional location or change of location or the licensing of a 8 [mobile unit] limited station of a licensed casher of checks; or 9 § 3. Section 366 of the banking law, as amended by chapter 49 of the 10 laws of 1961, subdivision 1 as amended by chapter 849 of the laws of 11 1964 and as further amended by section 104 of part A of chapter 62 of 12 the laws of 2011, and subdivisions 2 and 3 as renumbered by chapter 132 13 of the laws of 1969, is amended to read as follows: 14 § 366. Definitions. When used in this article. 1. The term "licensed 15 casher of checks" means any [individual, partnership, unincorporated16association or corporation] person duly licensed by the superintendent 17 of financial services to engage in business pursuant to the provisions 18 of this article. 19 2. The term "licensee" means a licensed casher of checks, drafts 20 and/or money orders. 21 3. The term ["mobile unit"] "limited station" means any vehicle or 22 other movable means from which the business of cashing checks, drafts or 23 money orders is to be conducted. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD02291-01-3A. 480 2 1 4. The term "person" means any individual or other legal entity, 2 including any corporation, partnership, association or limited liability 3 company. 4 § 4. Section 367 of the banking law, as amended by chapter 151 of the 5 laws of 1945, subdivision 3 as amended by section 7 of part D-1 of chap- 6 ter 109 of the laws of 2006, and subdivision 4 as amended by chapter 96 7 of the laws of 1981, is amended to read as follows: 8 § 367. License requirements; fees; capital requirements. 1. No 9 person[, partnership, association or corporation] shall engage in the 10 business of cashing checks, drafts or money orders for a consideration 11 without first obtaining a license from the superintendent. 12 2. Application for such license shall be in writing, under oath, and 13 in the form prescribed by the superintendent, and shall contain the 14 name, and the address both of the residence and place of business, of 15 the applicant, and if the applicant is a co-partnership [or], associ- 16 ation or limited liability company, of every member thereof, and if a 17 corporation, of each officer and director thereof; also, if the business 18 is to be conducted at a specific address, the address at which the busi- 19 ness is to be conducted, and if the business is to be conducted from a 20 [mobile unit] limited station, the New York state registration number or 21 other identification of such [mobile unit] limited station and the area 22 in which the applicant proposes to operate such [mobile unit] limited 23 station; and also such further information as the superintendent may 24 require. 25 3. Such applicant at the time of making such application shall pay to 26 the superintendent a fee as prescribed pursuant to section eighteen-a of 27 this chapter for investigating the application. Any licensee requesting 28 a change of address, shall at the time of making such request, pay to 29 the superintendent a fee as prescribed pursuant to section eighteen-a of 30 this chapter for investigating the new address; provided, however, that 31 the superintendent may, in his or her discretion, waive such investi- 32 gation fee if warranted, and provided further, that no fee shall be 33 payable for the relocation of a limited station. 34 4. Every applicant shall prove, in form satisfactory to the super- 35 intendent that he or it has available for the operation of such busi- 36 ness, for each location and for each [mobile unit] limited station spec- 37 ified in the application, liquid assets of at least ten thousand 38 dollars, and every licensee shall continuously maintain for the opera- 39 tion of such business for each location and for each [mobile unit] 40 limited station liquid assets of at least ten thousand dollars. Notwith- 41 standing the foregoing provisions of this subdivision, the superinten- 42 dent, upon application by an applicant and for good cause shown, may 43 permit a reduction from ten thousand dollars to not less than five thou- 44 sand dollars of minimum liquid assets required for each location. 45 § 5. Section 369 of the banking law, as amended by chapter 151 of the 46 laws of 1945, subdivision 1 as amended by chapter 233 of the laws of 47 2005, subdivisions 4 and 5 as amended by chapter 132 of the laws of 48 1969, subdivision 6 as amended by section 1 of subpart A of part II of 49 chapter 55 of the laws of 2019, and subdivision 7 as added by chapter 50 485 of the laws of 1947, is amended to read as follows: 51 § 369. Conditions precedent to issuing license; issuance and filing of 52 license; posting license. 1. If the superintendent shall find that the 53 financial responsibility, experience, character, and general fitness of 54 the applicant, and of the members thereof if the applicant be a co-part- 55 nership [or], association or limited liability company, and of the offi- 56 cers and directors thereof if the applicant be a corporation, are suchA. 480 3 1 as to command the confidence of the community and to warrant belief that 2 the business will be operated honestly, fairly, and efficiently within 3 the purposes of this article, and if the superintendent shall find that 4 the granting of such application will promote the convenience and advan- 5 tage of the area in which such business is to be conducted, and if the 6 superintendent shall find that the applicant has available for the oper- 7 ation of such business for each location and for each [mobile unit] 8 limited station specified in the application liquid assets of at least 9 ten thousand dollars, the superintendent shall thereupon execute a 10 license in duplicate to permit the cashing of checks, drafts and money 11 orders in accordance with the provisions of this article at the location 12 or in the area specified in such application. In finding whether the 13 application will promote the convenience and advantage to the public, 14 the superintendent shall determine whether there is a community need for 15 a new licensee in the proposed area to be served. No license shall be 16 issued to an applicant for a license, at a location to be licensed which 17 is closer than one thousand five hundred eighty-four feet (three-tenths 18 of a mile) from an existing licensee, except with the written consent of 19 such existing licensee or pursuant to subdivision three of section three 20 hundred seventy of this article, subject to any restriction or condition 21 as the superintendent may promulgate by regulation; provided, however, 22 the superintendent may permit a location to be licensed that is closer 23 than three-tenths of a mile from an existing licensee provided such 24 applicant engages in the cashing of checks, drafts or money orders only 25 for payees of such checks, drafts or money orders that are other than 26 natural persons at the location to be licensed and such applicant was 27 engaged in the cashing of such checks, drafts or money orders for payees 28 that are other than natural persons at such location on or before the 29 fourteenth day of July, two thousand four, and provided further that 30 upon licensing any such location by the superintendent, such license as 31 it pertains solely to such location shall not be affected thereafter by 32 any change of control of such license pursuant to section three hundred 33 seventy-a of this article, provided that the licensee continues there- 34 after to engage at that location in the cashing of checks, drafts or 35 money orders only for payees that are other than natural persons and 36 provided further that such license shall bear a legend stating that such 37 location is restricted to the cashing of checks, drafts or money orders 38 only for payees that are other than natural persons. The three-tenths of 39 a mile distance requirement as set forth in this section shall not apply 40 in cases where the existing licensee is a restricted location as author- 41 ized in the preceding sentence, or is any other licensed location that 42 engages solely in the cashing of checks, drafts or money orders only for 43 payees that are other than natural persons. For purposes of this 44 section, such distance shall be measured on a straight line along the 45 street between the nearest point of the store fronts of the check cash- 46 ing facilities. The primary business of the licensee, at the location to 47 be licensed, shall be financial services. The superintendent shall tran- 48 smit one copy of such license to the applicant and file another in the 49 office of the department. Notwithstanding the foregoing provisions of 50 this subdivision, the superintendent, upon application by an applicant 51 and for good cause shown, may permit a reduction from ten thousand 52 dollars to not less than five thousand dollars of minimum liquid assets 53 required for each location. 54 2. Such license shall state the name of the licensee; and if the 55 licensee is a co-partnership [or], association or limited liability 56 company, the names of the members thereof; and if the licensee is aA. 480 4 1 corporation, the date of its incorporation; and if the business is to be 2 conducted at a specific address, the address at which such business is 3 to be conducted; and if the business is to be conducted through the use 4 of a [mobile unit] limited station, the New York state registration 5 number or other identification of such [mobile unit] limited station and 6 the area in which such [mobile unit] limited station is authorized to do 7 business. 8 3. Such license shall be kept conspicuously posted in the place of 9 business of the licensee or, in the case of a [mobile unit] limited 10 station, upon such [mobile unit] limited station. Such license shall 11 not be transferable or assignable. 12 4. Such license shall remain in full force and effect until it is 13 surrendered by the licensee or revoked or suspended as provided in this 14 article. 15 5. If the superintendent shall find that the applicant fails to meet 16 any of the conditions set forth in subdivision one of this section, he 17 or she shall not issue such license, and he or she shall notify the 18 applicant of the denial. If an application is denied or withdrawn, the 19 superintendent shall retain the investigation fee to cover the costs of 20 investigating the application and return the license fee to the appli- 21 cant. 22 6. The superintendent may, consistent with article twenty-three-A of 23 the correction law, refuse to issue a license pursuant to this article 24 if he or she shall find that the applicant, or any person who is a 25 director, officer, partner, agent, employee or substantial stockholder 26 of the applicant, (a) has been convicted of a crime in any jurisdiction 27 or (b) is associating or consorting with any person who has, or persons 28 who have, been convicted of a crime or crimes in any jurisdiction or 29 jurisdictions. For the purposes of this article, a person shall be 30 deemed to have been convicted of a crime if such person shall have 31 pleaded guilty to a charge thereof before a court or magistrate, or 32 shall have been found guilty thereof by the decision or judgment of a 33 court or magistrate or by the verdict of a jury, irrespective of the 34 pronouncement of sentence or the suspension thereof. The term "substan- 35 tial stockholder," as used in this subdivision, shall be deemed to refer 36 to a person owning or controlling ten per centum or more of the total 37 outstanding stock of the corporation in which such person is a stock- 38 holder. In making a determination pursuant to this subdivision, the 39 superintendent shall require fingerprinting of the applicant. Such fing- 40 erprints shall be submitted to the division of criminal justice services 41 for a state criminal history record check, as defined in subdivision one 42 of section three thousand thirty-five of the education law, and may be 43 submitted to the federal bureau of investigation for a national criminal 44 history record check. 45 7. No license pursuant to this article shall be issued to any appli- 46 cant to do business at the place specified in the application as the 47 place where the business is to be conducted if, within the twelve months 48 preceding such application, a license to engage in business pursuant to 49 this article at such place shall have been revoked. 50 § 6. Section 370 of the banking law, as amended by chapter 151 of the 51 laws of 1945, subdivision 2 as amended by section 38 of part O of chap- 52 ter 59 of the laws of 2006 and subdivision 3 as amended by chapter 703 53 of the laws of 2006, is amended to read as follows: 54 § 370. Restrictions as to place or area of doing business; establish- 55 ment of stations; change of location. 1. No more than one place of busi- 56 ness or one [mobile unit] limited station shall be maintained under theA. 480 5 1 same license; provided, however, that more than one license may be 2 issued to the same licensee upon compliance with the provisions of this 3 article for each new license. 4 2. Any licensed casher of checks may open and maintain, within this 5 state, one or more limited stations for the purpose of cashing checks, 6 drafts or money orders for the particular group or groups specified in 7 the license authorizing each such station. Such stations shall be 8 licensed pursuant to and be subject to all the provisions of this chap- 9 ter applicable to licensed cashers of checks, except that (a) such 10 station shall not be subject to the distance limitation set forth in 11 subdivision one of section three hundred sixty-nine of this article, (b) 12 the fee for investigating the application for a station shall be as 13 prescribed pursuant to section eighteen-a of this chapter, and (c) where 14 such a station is at the premises of a specified employer for the 15 purpose of cashing checks, drafts and money orders for the employees of 16 such employer, the fees and charges for cashing such checks, drafts or 17 money orders shall not be subject to the limitations of subdivision one 18 of section three hundred seventy-two of this article if such fees and 19 charges are paid by such employer. 20 3. A licensee may make a written application to the superintendent for 21 leave to change his or her place of business, or in the case of a 22 [mobile unit] limited station, the area in which such unit is authorized 23 to be operated, stating the reasons for such proposed change. Such 24 application may be approved for relocation from a site within three- 25 tenths of a mile of another licensee to another site within three-tenths 26 of a mile of such other licensee provided that such new site is farther 27 from such existing licensee than the site from which permission to relo- 28 cate is sought. Only in situations in which a licensee seeks to change 29 its place of business due to extraordinary circumstances, as may be 30 determined by the superintendent pursuant to regulations, may the super- 31 intendent, in his or her discretion, determine that an application may 32 be approved for relocation from a site within three-tenths of a mile of 33 another licensee to a new site which is closer to such existing licensee 34 than the site from which permission to relocate is sought. Notwithstand- 35 ing any other provision of this subdivision, a licensee may relocate 36 from any location to a location that is within three-tenths of a mile 37 from another licensee with the written consent of the other licensee. If 38 the superintendent approves such application he or she shall issue a new 39 license in duplicate in accordance with the provisions of section three 40 hundred sixty-nine of this article, stating the new location of such 41 licensee or, in the case of a [mobile unit] limited station, the new 42 area in which such [mobile unit] limited station may be operated. 43 § 7. Subdivision 4 of section 370-a of the banking law, as added by 44 chapter 142 of the laws of 1992, is amended to read as follows: 45 4. As used in this section[: (a) the term "person" includes an indi-46vidual, partnership, corporation, association or any other organization,47and (b)], the term "control" means the possession, directly or indirect- 48 ly, of the power to direct or cause the direction of the management and 49 policies of a licensee, whether through the ownership of voting stock of 50 such licensee, the ownership of voting stock of any person which 51 possesses such power or otherwise. Control shall be presumed to exist if 52 any person, directly or indirectly, owns, controls or holds with power 53 to vote ten per centum or more of the voting stock of any licensee or of 54 any person which owns, controls or holds with power to vote ten per 55 centum or more of the voting stock of any licensee, but no person shall 56 be deemed to control a licensee solely by reason of being an officer orA. 480 6 1 director of such licensee or person. The superintendent may in his or 2 her discretion, upon the application of a licensee or any person who, 3 directly or indirectly, owns, controls or holds with power to vote or 4 seeks to own, control or hold with power to vote any voting stock of 5 such licensee, determine whether or not the ownership, control or hold- 6 ing of such voting stock constitutes or would constitute control of such 7 licensee for purposes of this section. 8 § 8. Section 371 of the banking law, as added by chapter 151 of the 9 laws of 1945, is amended to read as follows: 10 § 371. Regulations. The superintendent is hereby authorized and 11 empowered to make such rules and regulations, and such specific rulings, 12 demands, and findings as he or she may deem necessary for the proper 13 conduct of the business authorized and licensed under and for the 14 enforcement of this article, in addition hereto and not inconsistent 15 herewith. 16 § 9. Section 372 of the banking law, as amended by chapter 151 of the 17 laws of 1945, the section heading and subdivision 1 as amended and 18 subdivision 7 as added by chapter 432 of the laws of 2004, subdivisions 19 2, 3 and 4 as added and subdivisions 5 and 6 as renumbered by chapter 20 263 of the laws of 1983, and subdivision 6 as added by chapter 485 of 21 the laws of 1947, is amended to read as follows: 22 § 372. Fees and charges; posting schedule; records and reports. 1. The 23 superintendent shall, by regulation, establish the maximum fees which 24 may be charged by licensees for cashing a check, draft, or money order. 25 No licensee shall charge or collect any sum for cashing a check, draft, 26 or money order in excess of that established by the superintendent's 27 regulations; provided, however, that no maximum fee shall apply to the 28 charging of fees by licensees for the cashing of checks, drafts or money 29 orders for payees of such checks, drafts or money orders that are other 30 than natural persons. 31 2. The schedule of fees and charges permitted under this section shall 32 be conspicuously and continuously posted in every location and [mobil33unit] limited station licensed under this article. 34 3. Only in the case of an internet, digital or other electronic adver- 35 tisement or solicitation, a licensee shall be deemed to have fulfilled 36 the disclosure requirements required by law with respect to such inter- 37 net, digital or other electronic advertisement or solicitation only by 38 displaying the disclosures on its website, so long as the advertisement 39 or solicitation includes a link directly to such website, and provided 40 this does not modify in-store disclosure requirements. 41 4. No change in fees shall become effective earlier than thirty days 42 after the superintendent shall notify the majority leader of the senate, 43 the speaker of the assembly, and the chairmen of both the senate and 44 assembly committees on banks of his or her intention to change fees. 45 [4.] 5. The fees in effect immediately prior to the effective date of 46 this subdivision shall continue to be the maximum allowable fees until 47 revised by the superintendent's regulations. 48 [5.] 6. Each licensee shall keep and use in its business such books, 49 accounts, and records as the superintendent may require to carry into 50 effect the provisions of this article and the rules and regulations made 51 by the superintendent hereunder. Every licensee shall preserve such 52 books, accounts and records for at least two years. 53 [6.] 7. Before a licensee shall deposit with any banking organization, 54 or with any organization engaged in the business of banking, a check, 55 draft or money order cashed by such licensee, the same must be endorsed 56 with the actual name under which such licensee is doing business andA. 480 7 1 must have the words "licensed casher of checks" legibly written or 2 stamped immediately after or below such name. 3 [7.] 8. Every licensee shall submit to the superintendent, or such 4 person as the superintendent may designate, such suspicious activity 5 reports or currency transaction reports as are required to be submitted 6 to federal authorities pursuant to provisions of the Bank Secrecy Act 7 (subchapter 11, chapter 53, title 31, United States code) and regu- 8 lations and administrative orders related thereto, as amended, within 9 the periods of time as required by such act and regulations. A licensee 10 may submit a copy of any such report to the superintendent, or such 11 person as the superintendent may designate, that is filed with such 12 federal authorities. The superintendent may adopt such regulations or 13 require such additional reports as he or she deems necessary to insure 14 the effective enforcement of this subdivision. 15 § 10. Section 372-a of the banking law, as added by chapter 432 of the 16 laws of 2004, is amended to read as follows: 17 § 372-a. Superintendent authorized to examine. 1. For the purpose of 18 discovering violations of this article or securing information lawfully 19 required in this section, the superintendent may at any time, and as 20 often as may be determined, either personally or by a person duly desig- 21 nated by the superintendent, investigate the [cashing of checks by] 22 licensees and their business practices as authorized by this article and 23 examine the books, accounts, records, and files used therein of every 24 licensee. 25 2. For the purpose established in subdivision one of this section, the 26 superintendent and his or her duly designated representatives shall have 27 free access to the offices and places of business, books, accounts, 28 papers, records, files, safes and vaults of all such licensees. The 29 superintendent shall have authority to require the attendance of and to 30 examine under oath all persons whose testimony may be required relative 31 to such cashing of checks or such business. 32 § 11. Subdivisions 1 and 2 of section 373 of the banking law, subdivi- 33 sion 1 as amended by chapter 432 of the laws of 2004 and subdivision 2 34 as amended by chapter 132 of the laws of 1969, are amended to read as 35 follows: 36 1. No licensee shall engage in the business of making loans of money, 37 credit, goods or things or discounting of notes, bills of exchange, 38 checks, or other evidences of debt pursuant to the provisions of article 39 nine of this chapter, nor shall a loan business or the negotiation of 40 loans or the discounting of notes, bills of exchange, checks or other 41 evidences of debt be conducted on the same premises where the licensee 42 is conducting business pursuant to the provisions of this article. 43 Except as otherwise provided by regulation of the superintendent, all 44 checks, drafts and money orders shall be deposited in the licensee's 45 bank account not later than the first business day following the day on 46 which they were cashed. No licensee shall at any time cash or advance 47 any moneys on a post-dated check or draft or engage in the business of 48 transmitting money or receiving money for transmission; provided, howev- 49 er, that a licensee may cash a check [payable on the first banking busi-50ness day following the date of cashing (a) if such check is drawn by the51United States, the state of New York, or any political subdivision of52the state of New York, or by any department, bureau, agency, authority,53instrumentality or officer, acting in his official capacity, of the54United States or of the state of New York or of any political subdivi-55sion of the state of New York, or (b) if such check is a payroll check56drawn by an employer to the order of its employee in payment forA. 480 8 1services performed by such employee] without regard to the date 2 imprinted on the check as long as the check is dated not more than five 3 business days after the date of presentment and as long as the check is 4 deposited in the licensee's bank account not later than the first busi- 5 ness day following the day on which it was cashed that is: (a) payable 6 no more than five banking business days following the date of cashing if 7 such check is drawn by the United States, the state of New York, or any 8 political subdivision of the state of New York, or by any department, 9 bureau, agency, authority, instrumentality or officer, acting in his or 10 her official capacity, of the United States or of the state of New York 11 or of any political subdivision of the state of New York; (b) payable no 12 more than five banking business days following the date of cashing if 13 such check is payable to a natural person and is in an amount not 14 exceeding one thousand dollars; or (c) payable on the first banking 15 business day following the date of cashing if such check is a payroll 16 check drawn by an employer to the order of its employee in payment for 17 services performed by such employee. Any licensee who cashes post-dated 18 checks pursuant to paragraph (a) or (b) of this subdivision shall do so 19 subject to the safety and soundness requirements of this article, 20 including establishment of policies and procedures to implement robust 21 due diligence, risk management, liquidity management, structured trans- 22 actions and fraud prevention. No licensee shall cash any check, draft 23 or money order if the face amount for which it is drawn is in excess of 24 [fifteen] twenty thousand dollars; provided, however, that this 25 restriction shall not apply to the cashing of checks, drafts or money 26 orders drawn by the United States, any state thereof or any political 27 subdivision of any such state, or by any department, bureau, agency, 28 authority, instrumentality or officer, acting in his or her official 29 capacity, of the United States, any state thereof or any political 30 subdivision of any such state, or any [banking] financial institution, 31 or to any check or draft drawn by or on account of any insurance compa- 32 ny, attorney for the settlement of claims, or to any check which has 33 been certified or guaranteed by the [banking] financial institution on 34 which it has been drawn, or if such check is drawn on a bona fide work- 35 ers' compensation fund issued by a third-party payor, or if such check 36 is drawn by an employer from a pension or profit sharing fund, or if 37 such check is drawn by a union from a pension or benefit fund or if such 38 check is drawn by a union; provided further, however, that any such 39 restriction upon the maximum face amount that may be cashed by a licen- 40 see shall not apply to the cashing of checks, drafts or money orders by 41 licensees for payees of such checks, drafts or money orders that are 42 other than natural persons. For purposes of this subdivision, "[banking] 43 financial institution" means any bank, trust company, savings bank, 44 savings and loan association [or], credit union or other financial 45 institution which is incorporated, chartered [or], organized or licensed 46 under the laws of this state or any other state or the United States. 47 2. The superintendent may suspend or revoke any license or licenses 48 issued pursuant to this article if, after notice and a hearing, he or 49 she shall find that the licensee (a) has committed any fraud, engaged in 50 any dishonest activities or made any misrepresentation; or (b) has 51 violated any provisions of the banking law or any regulation issued 52 pursuant thereto, or has violated any other law in the course of its or 53 his or her dealings as a licensed casher of checks; or (c) has made a 54 false statement in the application for such license or failed to give a 55 true reply to a question in such application; or (d) has demonstrated 56 his or its incompetency or untrustworthiness to act as a licensed casherA. 480 9 1 of checks; or (e) is not doing sufficient business pursuant to this 2 article to justify the continuance of the license, or if he or she shall 3 find that any ground or grounds exist which would require or warrant the 4 refusal of an application for the issuance of the license if such an 5 application were then before him or her. Such a hearing shall be held 6 in the manner and upon such notice as may be prescribed by the super- 7 intendent. Pending an investigation or a hearing for the suspension or 8 revocation of any license or licenses issued pursuant to this article, 9 the superintendent may temporarily suspend such license or licenses for 10 a period not to exceed ninety days, provided the superintendent shall 11 find that such a temporary suspension is in the public interest. 12 § 12. Subdivision 3 of section 37 of the banking law, as amended by 13 chapter 360 of the laws of 1984, is amended to read as follows: 14 3. In addition to any reports expressly required by this chapter to be 15 made, the superintendent may require any banking organization, licensed 16 lender, licensed casher of checks, licensed mortgage banker, foreign 17 banking corporation licensed by the superintendent to do business in 18 this state, bank holding company and any non-banking subsidiary thereof, 19 corporate affiliate of a corporate banking organization within the mean- 20 ing of subdivision six of section thirty-six of this article and any 21 non-banking subsidiary of a corporation which is an affiliate of a 22 corporate banking organization within the meaning of subdivision six-a 23 of section thirty-six of this article to make special reports to him or 24 her at such times as he or she may prescribe. 25 § 13. Within ninety days of the effective date of this act, the 26 superintendent of financial services shall commence a review of its 27 current system of issuing licenses for check cashing licensees, the 28 establishment of new check cashing locations, for the relocation of 29 check cashing locations, and for changes of control of existing check 30 cashing licensees, and will issue a report to the governor, the chairman 31 of the assembly banks committee, and the chairman of the senate banks 32 committee, regarding the costs (including application fees, preparation 33 fees, and other costs) incurred by applicants to prepare and submit 34 applications, the costs incurred by the department of financial services 35 to review and process applications, the length of time required for the 36 review and processing of applications by such department, and recommen- 37 dations to improve the efficiency and lessen the costs, burdens, and 38 length of such department's licensing processes. The superintendent of 39 financial services shall report to the governor and to the respective 40 committee chairs within one hundred eighty days of the date of commence- 41 ment of his or her review. The superintendent of financial services 42 shall consult with and receive input from check cashing licensees in the 43 preparation of its analysis and report. 44 § 14. This act shall take effect on the one hundred eightieth day 45 after it shall have become a law; provided, however, that: 46 (a) the amendments to section 373 of the banking law made by section 47 eleven of this act shall expire and be deemed repealed June 30, 2028; 48 and 49 (b) any contract, instrument, agreement or other written obligation 50 entered into by a financial services provider authorized under section 51 373 of the banking law prior to June 30, 2028 shall be deemed valid and 52 enforceable after such date. 53 Effective immediately the addition, amendment and/or repeal of any 54 rule or regulation necessary for the implementation of this act on its 55 effective date are authorized to be made and completed on or before such 56 effective date.