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A08293 Text:

                STATE OF NEW YORK
                               2021-2022 Regular Sessions
                   IN ASSEMBLY
                                     October 6, 2021
        Introduced  by  M. of A. FAHY -- read once and referred to the Committee
          on Banks
        AN ACT to direct the department of financial services to conduct a study
          on underbanked communities and households in New  York  state  and  to
          make recommendations to improve access to financial services

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. The superintendent of financial services is hereby  author-
     2  ized  and  directed  to  prepare or have prepared a study of underbanked
     3  communities and households in New York state and to provide  recommenda-
     4  tions  to  make  financial  services  accessible to such communities and
     5  households.  Such study shall include, but not be limited to, an  analy-
     6  sis  of  the  location  and  demographics of underbanked communities and
     7  households in New York state and the causes of  underbanked  communities
     8  and households in New York state.
     9    § 2. Such study and recommendations shall be completed and provided to
    10  the  governor  and the legislature within twelve months of the effective
    11  date of this act.
    12    § 3. As used in this act the  term  "underbanked"  shall  mean  having
    13  insufficient access to financial institutions for the purpose of banking
    14  and investment services.
    15    § 4. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
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