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Who cares
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Sponsors
1 Co-sponsor
History
- Print number 7732a
- Amend and recommit to banks
- Referred to banks
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the banking law, in relation to money services businesses
Purpose
Provides for review by the superintendent of banking institution of any denials of banking services to money services businesses in the state, and for mediation should a bank deny these services.
Summary of provisions
This bill provides that a state chartered depository institution shall have no obligation to conduct any due diligence or compliance review on any New York State money transmitter or New York State licensed check casher provided such transmitter or check casher is licensed by the state and has a program that fulfills requirements of 31 U.S,C 5318 and its implementing regulations.
A state chartered depository institution shall not deny banking services business on the basis of compliance with the Banking Secrecy Act. Further, no state chartered depository institution shall deny banking services to a money services business without first providing an opportunity to meet any reasonable requirements set by the banking institution for opening and maintaining such services.
In cases where an institution denies banking services to a money services business, such institution must provide a written statement to the Superintendent of Banking" The Superintendent may direct the banking institution to offer services under certain circumstances.
Justification
Money services businesses play a vital role in the economy of New York State. The bill puts in place a set of guidelines and a review process to be followed by the Superintendent of Banks and state chartered financial institutions with regards to deposit accounts for money services businesses. This legislation has been worded to mirror Federal legislation passed by the US House of Representatives.
Legislative history
2007-2008 - A.1678B 06/18/08 - Held for consideration in Banks
Fiscal implications
To be determined.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.