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Sponsors
No co-sponsors yet.
History
- 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 mail-loan checks without request or application therefor
Assembly Floor Calendar · Sponsor J. Gary Pretlow
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S4028
Title of bill
An act to amend the banking law, in relation to mail-loan checks
Purpose or general idea of bill
Prohibits banking organizations from issuing mail-loan checks without request or application, in order to protect consumers from potentially unsafe banking products.
Summary of specific provisions
This bill amends subdivisions 2 and 3 of section 9-t of the banking law and adds a new subdivision 4 to section 9-t of the banking law.
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 S651A of 2011 01/05/11 REFERRED TO BANKS 01/04/12 REFERRED TO BANKS 05/31/12 AMEND(T) AND RECOMMIT TO BANKS 05/31/12 PRINT NUMBER 651A 01/09/13 REFERRED TO BANKS 01/08/14 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.