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History
- Referred to banks
- Referred to banks
Full text
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Sponsor's memo
Title of bill
An act to amend the banking law, in relation to the payment of negotiable instruments by a drawee bank
Summary
A new section, 6-n is added to the Banking Law which requires banks and foreign banking corporations in this State to cash properly if the payee is not a depositor of that bank. Requires such payee provide sufficient identification (drivers license or sheriffs identification card).
Justification
Banks generally refuse to cash checks of customers who are not their depositors. This is justified in cases where the bank cannot validate the authenticity of the check being cashed. However, banks have the ability to verify the balance of their own depositors' accounts and can assess fees or penalties against their depositors. Eliminating the lack of direct accountability, there is no reason why a banking organization cannot honor a check that is drawn from an account held by such banking organization.
Fiscal implications
None.
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.