Establishes licensing and regulatory framework for income access services in New York.

The bill introduces a new article in the banking law to regulate income access services. It mandates that providers obtain a license to offer these services, except for exempt organizations. The superintendent of financial services has the authority to review applications, issue licenses, and set earned income access caps. Providers must comply with various requirements, including maintaining books and records, providing clear notices to consumers, and adhering to advertising rules.

Establishes licensing and regulatory framework for income access services in New York.

The bill introduces a new article in the banking law to regulate income access services. It mandates that providers obtain a license to offer these services, except for exempt organizations. The superintendent of financial services has the authority to review applications, issue licenses, and set earned income access caps. Providers must comply with various requirements, including maintaining books and records, providing clear notices to consumers, and adhering to advertising rules.