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Assembly Bill A6685

2009-2010 Legislative Session

Provides that every banking institution maintaining checking accounts for customers shall pay checks in the order received within account balance

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Archive: Last Bill Status - In Senate Committee Banks Committee

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2009-A6685 (ACTIVE) - Details

See Senate Version of this Bill:
S8146
Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Add ยง9-v, Bank L
Versions Introduced in Other Legislative Sessions:
2011-2012: A3558, S1195
2013-2014: A3511, S1156
2015-2016: A4981, S794
2017-2018: A5744, S2797
2019-2020: A1931, A9677, S982
2021-2022: A1073, S1465

2009-A6685 (ACTIVE) - Summary

Provides that every banking institution which maintains checking accounts for customers shall pay checks in the order received within account balance; provides such banks may dishonor check for insufficient funds, but then must honor smaller checks within amounts on deposit in the subject account.

2009-A6685 (ACTIVE) - Bill Text download pdf 

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

                                  6685

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                             March 11, 2009
                               ___________

Introduced by M. of A. MILLER -- read once and referred to the Committee
  on Banks

AN  ACT  to  amend  the banking law, in relation to the order in which a
  payor bank shall pay 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 9-v to
read as follows:
  S 9-V. BANKING INSTITUTIONS TO PAY CHECKS DRAWN THEREIN  IN  ORDER  OF
PRESENTATION.   NOTWITHSTANDING ANY OTHER LAW, RULE OR REGULATION TO THE
CONTRARY, EVERY BANKING INSTITUTION WHICH PROVIDES CHECKING ACCOUNTS FOR
ITS CUSTOMERS SHALL, IN PAYING SUCH CHECKS AS ARE PRESENTED FOR PAYMENT,
PAY THE CHECKS IN THE ORDER WHEREIN THEY ARE RECEIVED; PROVIDED,  HOWEV-
ER, IF A CHECK IS DISHONORED FOR INSUFFICIENT FUNDS AND THEREAFTER SMAL-
LER CHECKS WHICH COULD BE PAID ARE RECEIVED, THE SMALLER CHECKS SHALL BE
HONORED WITHIN AMOUNTS ON DEPOSIT IN THE SUBJECT ACCOUNT.
  S  2. This act shall take effect on the first of January next succeed-
ing the date on which it shall have become a law.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09693-01-9

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