New York Assembly Bill A08761

New York 2025-2026 Regular Session

• Introduced: 6/2/25
• Refer: 6/2/25
• Refer: 1/7/26
• Report Pass: 1/20/26
• Refer: 1/20/26

Caption

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.

Summary

This bill directs the New York Superintendent of Financial Services to study the financial stability of the check cashing industry and to review the state’s current licensing framework for check cashing businesses. The required analysis must be based on licensees’ annual reports and records of store closures under Article 9-A of the Banking Law, and the superintendent must produce a report to the governor and the Legislature within 180 days after the act takes effect. The bill also requires a separate review of how the Department of Financial Services handles applications for new check cashing locations, relocations, and changes of control. That report must address the costs and burdens borne by applicants and by the department, the time needed to process applications, and recommendations to improve efficiency and reduce expense and delay. The superintendent must also consult with check cashing licensees in preparing the analysis and report.

Impact

The bill does not directly change licensing standards or substantive banking law; instead, it creates new reporting and study obligations for the Department of Financial Services. It affects the check cashing industry, including existing licensees, applicants for new or relocated locations, and businesses undergoing ownership changes, by requiring the state to examine industry stability and the administrative burden of licensing processes. The resulting reports could inform future amendments to Article 9-A of the Banking Law or other regulatory changes.

Sentiment

The available vote history suggests generally favorable sentiment toward the bill, as the Assembly Banks Committee approved it 19-7 and referred it to Ways and Means. The bill’s focus on gathering information, consulting industry participants, and identifying ways to reduce costs and delays appears to have broad procedural appeal. No committee transcript is available, so there is no recorded debate to indicate stronger support or opposition beyond the committee vote.

Contention

The main point of potential contention is the scope and purpose of the review of the check cashing licensing system. Supporters are likely to view the bill as a practical oversight measure that could improve efficiency and reduce burdens on applicants and regulators, while opponents may be concerned that the study could be a precursor to tighter regulation or that it imposes additional administrative work without immediate policy change. The 7 nays in committee suggest some disagreement, possibly over the need for the study, the costs of the reporting requirement, or the implications for the check cashing industry.