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Bill

S 8299

Extends the effectiveness of provisions relating to limiting the check cashing exemption for national banks and other regulated entities

2025 Regular Session Introduced by Leroy Comrie and 1 co-sponsor

Bill S 8299 extends regulations limiting check cashing exemptions for national banks, enhancing consumer protections and ensuring financial stability for users of these services.

SUBSTITUTED BY A6870
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WeVote Research Nonpartisan
Bill Summary · S 8299

Summary of Bill S 8299

Bill Overview

  • Bill Number: S 8299
  • Title: Extends the effectiveness of provisions relating to limiting the check cashing exemption for national banks and other regulated entities
  • Status: Substituted by A6870
  • Introduced: May 30, 2025
  • Classification: Legislative Bill

Purpose and Intent

The primary purpose of Bill S 8299 is to extend the existing provisions that limit the check cashing exemption for national banks and other regulated financial entities. This legislation aims to ensure that these institutions adhere to specific regulations regarding check cashing activities, thereby promoting consumer protection and financial stability.

Key Provisions

  • Extension of Provisions: The bill seeks to prolong the effectiveness of current regulations that restrict the ability of national banks and other regulated entities to cash checks without adhering to certain guidelines.
  • Consumer Protection: By limiting the check cashing exemption, the bill aims to safeguard consumers from potential predatory practices that may arise from unchecked check cashing activities by financial institutions.

Affected Parties

  • National Banks: The bill directly impacts national banks that engage in check cashing services, requiring them to comply with the extended regulations.
  • Regulated Financial Entities: Other financial institutions that are subject to regulation will also be affected by the provisions of this bill.
  • Consumers: Individuals who utilize check cashing services will benefit from enhanced protections and oversight.

Legislative Actions and Timeline

  • May 30, 2025: Bill S 8299 was introduced and referred to the Banks Committee.
  • June 4, 2025: The committee was discharged and the bill was committed to the Rules Committee.
  • June 4, 2025: The bill was ordered to third reading (Calendar No. 1591).
  • June 10, 2025: Bill S 8299 was substituted by A6870, indicating that the provisions may have been integrated or modified in the companion bill.

Related Legislation

  • S 6930: A related bill from the prior session that may address similar issues regarding check cashing regulations.
  • A 6870: The companion bill that has substituted S 8299, likely containing similar or expanded provisions regarding check cashing exemptions.

Conclusion

Bill S 8299 is a legislative effort to extend important consumer protections related to check cashing practices by national banks and regulated entities. By ensuring that these institutions remain accountable under specific regulations, the bill aims to foster a safer financial environment for consumers. The substitution by A6870 suggests ongoing legislative activity and potential enhancements to the original provisions.

Compiled from official sources — confirm details with the bill’s official record.

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