2018 Banking-Related Legislative Summaries

Pension Loan Advancements Chapter Amendment
Ch. 23 of the Laws of 2018

Chapter 23 amended Chapter 441 of the Laws of 2017 regarding studying, evaluating, and making recommendations concerning businesses engaged in pension loan advancements.

Check Cashing Exemption for National Banks and Other Regulated Entities Sunset Extender
Ch. 182 of the Laws of 2018

Chapter 182 amended the Banking Law to extend until August 1, 2023 the sunset date in relation to limiting the check cashing exemption for national banks and other regulated entities.

Uniform Commercial Code Revisions
Ch. 237 of the Laws of 2018

Chapter 237 amended the Civil Practice Law and Rules, the General Obligations Law, the Banking Law, the General Business Law, the Arts and Cultural Affairs Law, and the Personal Property Law, in relation to making technical corrections to conform with revisions to the Uniform Commercial Code.

EVM-Enabled Chip Cards Report
Ch. 367 of the Laws of 2018

Chapter 367 directed the Department of Financial Services to study consumer protection issues regarding ATMs that accept EVM-enabled chip cards.

Joint Deposit and Convenience Account Awareness
Ch. 432 of the Laws of 2018

Chapter 432 amended the Banking Law to require the Superintendent of Financial Services to conduct a public awareness campaign on joint deposit and convenience accounts.

Digital Currency Task Force
Ch. 456 of the Laws of 2018

Chapter 456 established the New York State Digital Currency Task Force to provide the Governor and Legislature with information on the effects of the widespread use of cryptocurrencies and other forms of digital currencies and their ancillary systems in the state. Note that a bill amending this chapter (S.1194/A.1914) passed the Legislature and is expected to be signed into law in 2019.