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Who cares
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Sponsors
No co-sponsors yet.
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 the negotiation of social security checks
Purpose
Enables senior citizens to cash social security checks without maintaining an account at the bank honoring such check.
Summary of provisions
This legislation requires banks and foreign banking corporations in this state to cash properly endorsed social security checks upon presentation of sufficient identification, even though the payee is a non-depositor.
Existing law
The banking law is amended by adding a new section 6-n.
Justification
Senior citizens are having difficulty cashing their social security checks in banks where they do not have an account and banks where they have insufficient funds to cover the check. Many senior citizens are unable to maintain sufficient funds in their account to cover their next check, so they resort to having friends and relatives cash them. New York State social security checks should be negotiable regardless of non-depositor status.
Legislative history
S.573 of 2005-2006 - Referred to Banks S.311 of 2007-2008 - Referred to Banks
Fiscal implications
None.
Effective date
This act shall take effect on the sixtieth day after it shall have become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.