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Senate Bill S3490

2009-2010 Legislative Session

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

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Archive: Last Bill Status - In Senate Committee Banks Committee

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2009-S3490 (ACTIVE) - Details

Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Add ยง6-n, Bank L

2009-S3490 (ACTIVE) - 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"; excludes credit unions from such directive.

2009-S3490 (ACTIVE) - Sponsor Memo

2009-S3490 (ACTIVE) - Bill Text download pdf 

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

                                  3490

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                             March 20, 2009
                               ___________

Introduced  by  Sen.  FOLEY  -- read twice and ordered printed, 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.  FOR PURPOSES OF THIS SECTION, A CREDIT UNION
SHALL NOT BE CONSIDERED A BANKING ORGANIZATION.
  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.
                                                           LBD03043-02-9

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