Directs the superintendent of banks to promulgate rules and regulations requiring licensed cashers of checks to file suspicious activity reports

This bill directs the state superintendent of banks to create rules requiring licensed check cashers to file suspicious activity reports. The key provision amends the banking law to explicitly mandate these reports as part of the regulations governing licensed check cashing businesses. By establishing this requirement, the bill aims to increase oversight and reporting of potentially fraudulent transactions within the check cashing industry. The changes take effect immediately upon passage, impacting all businesses currently licensed to cash checks in the state.