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Assembly Bill A1227

2009-2010 Legislative Session

Provides for a maximum charge by a bank of $7.50 for checks or other instruments drawn on insufficient or uncollected funds; repealer

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2009-A1227 (ACTIVE) - Details

Law Section:
Banking Law
Laws Affected:
Rpld & add §108 sub 8 & §235-c, amd §§202 & 383, rpld §383 sub 13 cl¶, Bank L

2009-A1227 (ACTIVE) - Summary

Provides for a maximum charge by a bank of seven dollars and fifty cents for checks or other instruments, whether paid, accepted, or returned, drawn on insufficient or uncollected funds.

2009-A1227 (ACTIVE) - Bill Text download pdf 

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

                                  1227

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 7, 2009
                               ___________

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

AN ACT to amend the banking law, in relation to the maximum charge  that
  may  be  imposed by a banking institution for a check or other instru-
  ment drawn on insufficient or uncollected funds and to repeal subdivi-
  sion 8 of section 108, section 235-c, and  the  closing  paragraph  of
  subdivision 13 of section 383 of such law relating thereto

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

  Section 1. Subdivision 8 of section 108 of the banking law is REPEALED
and a new subdivision 8 is added to read as follows:
  8. THE MAXIMUM CHARGE WHICH MAY BE IMPOSED BY A BANK OR TRUST  COMPANY
IN  CONNECTION  WITH  A  CHECK  OR  OTHER WRITTEN ORDER DRAWN UPON IT ON
INSUFFICIENT FUNDS OR ON UNCOLLECTED BALANCES, IRRESPECTIVE  OF  WHETHER
THE  INSTRUMENT  IS  PAID,  ACCEPTED,  OR  RETURNED BY THE BANK OR TRUST
COMPANY IS SEVEN DOLLARS AND FIFTY CENTS.
  S 2. The opening paragraph of section 202 of the banking law is desig-
nated subdivision 1 and a new subdivision 2 is added to read as follows:
  2. THE MAXIMUM CHARGE WHICH MAY BE IMPOSED BY A FOREIGN BANKING CORPO-
RATION IN CONNECTION WITH A CHECK OR OTHER WRITTEN ORDER DRAWN  UPON  IT
ON INSUFFICIENT FUNDS OR ON UNCOLLECTED BALANCES, IRRESPECTIVE OF WHETH-
ER  THE INSTRUMENT IS PAID, ACCEPTED, OR RETURNED BY THE FOREIGN BANKING
CORPORATION IS SEVEN DOLLARS AND FIFTY CENTS.
  S 3. Section 235-c of the banking law is REPEALED and  a  new  section
235-c is added to read as follows:
  S  235-C.  MAXIMUM  CHARGE FOR INSUFFICIENT FUNDS.  THE MAXIMUM CHARGE
WHICH MAY BE IMPOSED BY A SAVINGS BANK IN CONNECTION  WITH  A  CHECK  OR
OTHER  WRITTEN  ORDER  DRAWN  UPON IT ON INSUFFICIENT FUNDS OR ON UNCOL-
LECTED  BALANCES,  IRRESPECTIVE  OF  WHETHER  THE  INSTRUMENT  IS  PAID,

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01881-01-9

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