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Sponsors
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History
- Referred to banks
- Referred to banks
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the banking law, in relation to acceptance of certain checks for deposit
Purpose/summary of provisions
This bill would add a new subdivision two to section 9-p to the banking law to impose a fine of not less than one hundred dollars nor more than five hundred dollars on a banking institution, for refusal to accept as a deposit, a double endorsed check, for the sole reason that it contains two endorsements.
Justification
Chapter 330 of the laws of 1988 set forth a mandate which prohibits banking institutions from refusing to accept checks with two endorsements. However, this chapter failed to include penalty provisions for violation of said mandate. Consequently, many banking institutions are able to refuse the deposit of checks with two endorsements, leaving the account holder unable to cash his/her check(s).
This bill will provide the necessary impetus for banking institutions to comply with Chapter 330 and in turn assure that account holders are afforded the legal right they were given under the law.
Fiscal implications
None to the State
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.