What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
History
- Referred to banks
- Referred to banks
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Prohibits banking organizations from issuing checks for unsolicited loans
In Senate Committee · Banks · Sponsor J. Gary Pretlow
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 prohibiting banks from issuing checks whose endorsement constitutes acceptance of an unsolicited loan
Purpose or general idea of bill
Prohibits banking organizations from issuing checks for unsolicited loans.
Summary of specific provisions
This bill amends the banking law by adding section 9-v, which prohibits banking organizations from issuing checks whose endorsement constitutes acceptance of an unsolicited loan.
Justification
The practice of mailing unsolicited loan checks to consumers can prove confusing to the consumer with respect to the obligation flowing from his or her endorsement. Additionally, an unsolicited loan check received by mail may be cashed by an unknown payee obligating the payee to repay the loan. This bill would negate the problems noted above.
Prior legislative history
S.7493 of 2008 04/08/08 REFERRED TO BANKS
Fiscal implications
None.
Effective date
One hundred twentieth day after it becomes law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.