senate Bill S77

Enables senior citizens to cash social security checks without maintaining an account at the bank honoring such check

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Co-Sponsors

Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
view actions

actions

  • 05 / Jan / 2011
    • REFERRED TO BANKS
  • 04 / Jan / 2012
    • REFERRED TO BANKS
  • 08 / Mar / 2012
    • NOTICE OF COMMITTEE CONSIDERATION - REQUESTED
  • 12 / Mar / 2012
    • COMMITTEE DISCHARGED AND COMMITTED TO RULES

Summary

Directs every banking organization or foreign banking corporation transacting business in this state to cash properly endorsed social security checks presented by the payee, upon sufficient identification, notwithstanding the fact that such payee does not maintain an account with such organization or corporation, upon proof that such payee is sixty-two years of age or older; defines "sufficient identification".

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Bill Details

See Assembly Version of this Bill:
A4267
Versions:
S77
Legislative Cycle:
2011-2012
Current Committee:
Senate Rules
Law Section:
Banking Law
Laws Affected:
Add ยง6-n, Bank L
Versions Introduced in Previous Legislative Cycles:
2009-2010: S7946, A2600
2007-2008: A5618

Sponsor Memo

BILL NUMBER:S77

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:
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 S.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.

view bill text
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                   77

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 5, 2011
                               ___________

Introduced by Sens. PERALTA, MONTGOMERY -- read twice and ordered print-
  ed, and when printed to be committed to the Committee on Banks

AN  ACT  to  amend  the  banking  law, in relation to the negotiation of
  social security checks

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  The banking law is amended by adding a new section 6-n to
read as follows:
  S 6-N. NEGOTIATING SOCIAL SECURITY CHECKS. EVERY BANKING  ORGANIZATION
OR  FOREIGN BANKING CORPORATION TRANSACTING BUSINESS IN THIS STATE SHALL
CASH PROPERLY ENDORSED SOCIAL SECURITY CHECKS PRESENTED  BY  THE  PAYEE,
UPON SUFFICIENT IDENTIFICATION, NOTWITHSTANDING THE FACT THAT SUCH PAYEE
DOES NOT MAINTAIN AN ACCOUNT WITH SUCH ORGANIZATION OR CORPORATION, UPON
PROOF  THAT SUCH PAYEE IS SIXTY-TWO YEARS OF AGE OR OLDER.  FOR PURPOSES
OF THIS SECTION, "SUFFICIENT IDENTIFICATION" SHALL MEAN A PICTURE  IDEN-
TIFICATION  CARD  ISSUED  TO SUCH PAYEE BY THE DEPARTMENT OF MOTOR VEHI-
CLES, A SHERIFF'S DEPARTMENT OR A BANKING ORGANIZATION WHERE SUCH  CHECK
IS PRESENTED FOR PAYMENT.
  S  2.  This  act  shall take effect on the sixtieth day after it shall
have become a law.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03358-01-1

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