S05669 Summary:

BILL NOS05669
 
SAME ASSAME AS A06924
 
SPONSORSANDERS
 
COSPNSR
 
MLTSPNSR
 
 
Requires a study of the utilization of state government payments as an opportunity to transition unbanked and underbanked state residents into the banking system; requires a report shall be compiled and provided on the findings no later than eighteen months after the effective date of this act.
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S05669 Actions:

BILL NOS05669
 
03/13/2023REFERRED TO BANKS
01/03/2024REFERRED TO BANKS
05/21/2024REPORTED AND COMMITTED TO FINANCE
06/03/2024COMMITTEE DISCHARGED AND COMMITTED TO RULES
06/03/2024ORDERED TO THIRD READING CAL.1641
06/03/2024SUBSTITUTED BY A6924
 A06924 AMEND= Hunter
 05/09/2023referred to banks
 05/23/2023reported referred to ways and means
 06/08/2023reported referred to rules
 06/08/2023reported
 06/08/2023rules report cal.727
 06/08/2023ordered to third reading rules cal.727
 06/08/2023passed assembly
 06/08/2023delivered to senate
 06/08/2023REFERRED TO RULES
 01/03/2024DIED IN SENATE
 01/03/2024RETURNED TO ASSEMBLY
 01/03/2024ordered to third reading cal.195
 03/21/2024passed assembly
 03/21/2024delivered to senate
 03/21/2024REFERRED TO BANKS
 06/03/2024SUBSTITUTED FOR S5669
 06/03/20243RD READING CAL.1641
 06/03/2024PASSED SENATE
 06/03/2024RETURNED TO ASSEMBLY
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S05669 Committee Votes:

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S05669 Floor Votes:

There are no votes for this bill in this legislative session.
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S05669 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          5669
 
                               2023-2024 Regular Sessions
 
                    IN SENATE
 
                                     March 13, 2023
                                       ___________
 
        Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
          printed to be committed to the Committee on Banks
 
        AN ACT in relation to the study of the utilization of  state  government
          payments  as  an  opportunity  to  transition unbanked and underbanked
          state residents into the banking system

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section 1. The superintendent of the department of financial services,
     2  in  conjunction  with  the director of the state budget, the director of
     3  state operations and the commissioner of the department of taxation  and
     4  finance, and in consultation with the state comptroller, shall study and
     5  issue  a comprehensive report on methods and opportunities to transition
     6  unbanked and underbanked state residents entitled  to  state  government
     7  payments into the banking system.
     8    1.  For  purposes  of this section, the following terms shall have the
     9  following meanings:
    10    a. "unbanked" shall mean an individual not served by an insured insti-
    11  tution in any capacity;
    12    b. "underbanked" shall mean  an  individual  with  an  account  at  an
    13  insured  institution but who has obtained alternative, nonbank financial
    14  services in the past twelve months; and
    15    c. "state agency" shall mean any agency, department,  bureau,  commis-
    16  sion,  board,  task  force,  committee,  public  benefit corporation, or
    17  public authority, where a member is appointed by the governor.
    18    2. Such study shall:
    19    a. examine the types of payments made by state agencies to state resi-
    20  dents including but not limited to tax returns, benefits, credits, unem-
    21  ployment insurance, and the lottery, which  are  made  in  a  sufficient
    22  amount to the unbanked and underbanked;
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10095-01-3

        S. 5669                             2
 
     1    b.  examine  what  methods  of  payment are used by state agencies and
     2  whether direct deposit and debit  cards  are  included  as  options  for
     3  recipients of such state payments;
     4    c.  determine whether opportunities exist when state payments are made
     5  to enable state agencies to provide financial education as it relates to
     6  the value of participation in the banking system;
     7    d. examine any barriers to choice of direct deposit and the use of the
     8  banking system based on contact with state agencies;
     9    e. examine the use of debit cards of other new financial  technologies
    10  as  a  method  for  disbursement  of  state payments to the unbanked and
    11  underbanked as a bridge to the banking system;
    12    f. examine whether a contractual relationship with a minority bank  or
    13  banks that define specific terms of financial service would be an effec-
    14  tive measure in encouraging use of direct deposit;
    15    g.  determine in which, if any, circumstances state payments should be
    16  exempted from an execution of judgment to encourage use of  the  banking
    17  system for the unbanked and the underbanked;
    18    h.  examine barriers and opportunities to charter minority-owned banks
    19  in unbanked or underbanked communities  including  capital  availability
    20  and use of state deposits to incentivize their formation; and
    21    i.  include any concerns or recommendations that the superintendent of
    22  the department of financial services deems necessary.
    23    3. A comprehensive report summarizing all of the findings from  subdi-
    24  vision two of this section shall be sent to the governor, the speaker of
    25  the  assembly  and  the  temporary president of the senate no later than
    26  eighteen months after the effective date of this act.
    27    4. The superintendent of the  department  of  financial  services  may
    28  request  and  is  authorized  to  receive any information from any state
    29  agencies that is relevant and material to the completion of  this  study
    30  and  report.    Such  information  received by the superintendent of the
    31  department of financial services shall be subject to the  same  require-
    32  ments  for confidentiality and limitations on use, if any, as are appli-
    33  cable to such state agency's use of such information.
    34    § 2. This act shall take effect immediately.
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