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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
BILL NUMBER:S2226
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
The banking law is amended by adding a new section 6-n requiring 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.
Justification
Senior citizens have difficulty cashing their social security checks in banks where they do not have an account and in banks where they have insufficient funds to cover the check. Many senior citizens who are unable to maintain sufficient funds in their account to cover their social security check resort to check cashing businesses where they charge a fee or have friends or family cash it for them. New York State social security checks should be negotiable regardless of non-depositor status.
Legislative history
2013-2014 - S.71 2011-12: S.77 2010: S.7946/A.2600-A, Passed Assembly, Third Reading Cal. in Senate 2007-2008: A.5618/S.311 Referred to Banks 2005-2006: A.4151 5.573, Passed Assembly 2003-2004: A.126/S.381, Passed Assembly 2001-2002: A.202/S.91, Passed Assembly 1998-1999: A.2636/S.2087, Passed Assembly 1996-1997: A.1833-A/S.4876-A, Passed Assembly 1994-1995: A.416/S.1279, Passed Assembly
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.