Bill Text: NY S06121 | 2017-2018 | General Assembly | Introduced
Bill Title: Relates to conduit services performed by licensees.
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Introduced - Dead) 2018-01-03 - REFERRED TO BANKS [S06121 Detail]
Download: New_York-2017-S06121-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 6121 2017-2018 Regular Sessions IN SENATE May 11, 2017 ___________ Introduced by Sen. SAVINO -- read twice and ordered printed, and when printed to be committed to the Committee on Banks AN ACT to amend the banking law, in relation to conduit services The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision 2 of section 366 of the banking law, as amended 2 by chapter 49 of the laws of 1961 and as renumbered by chapter 132 of 3 the laws of 1969, is amended and a new subdivision 4 is added to read as 4 follows: 5 2. The term "licensee" means a licensed casher of checks, drafts 6 and/or money orders, and conduit services. 7 4. The term "conduit services" means account access services, bill 8 payment services and assistance in preparation and submission of forms 9 to be processed by the collaborating financial institution permitted to 10 be offered by a licensee under this article to its customers in collab- 11 oration with a state or federally chartered bank, trust company, savings 12 bank, savings and loan association or credit union provided there is a 13 written agreement between the parties approved by the superintendent 14 setting forth the exact nature of the services to be rendered and the 15 compensation for same including the person or entity responsible for 16 such compensation subject to the oversight and approval of the super- 17 intendent. The term "conduit services" does not include any services 18 which exceed prevailing usury provisions under any New York state law. 19 § 2. This act shall take effect on the thirtieth day after it shall 20 have become a law. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD11690-01-7