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Senate Bill S64

2009-2010 Legislative Session

Prohibits banking organizations from issuing checks for unsolicited loans

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Archive: Last Bill Status - In Senate Committee Banks Committee

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2009-S64 (ACTIVE) - Details

See Assembly Version of this Bill:
A2604
Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Add ยง9-v, Bank L
Versions Introduced in Other Legislative Sessions:
2011-2012: S651, A2850
2013-2014: S703, A2792
2015-2016: S4028, A1645
2017-2018: A1126
2019-2020: A3243
2021-2022: A1693

2009-S64 (ACTIVE) - Summary

Prohibits banking organizations from issuing checks or drafts to any person or other legal entity when the endorsement or deposit of such check or draft by such person or other legal entity would constitute such person's or other legal entity's acceptance of an unsolicited loan from such banking organization.

2009-S64 (ACTIVE) - Sponsor Memo

2009-S64 (ACTIVE) - Bill Text download pdf 

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

                                   64

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 7, 2009
                               ___________

Introduced  by  Sen. SAMPSON -- 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 prohibiting  banks  from
  issuing checks whose endorsement constitutes acceptance of an unsolic-
  ited loan

  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  ORGANIZATIONS  PROHIBITED  FROM ISSUING CHECKS WHOSE
ENDORSEMENT CONSTITUTES ACCEPTANCE OF AN UNSOLICITED LOAN.   NO  BANKING
ORGANIZATION  SHALL ISSUE A CHECK OR DRAFT TO ANY PERSON, FIRM, PARTNER-
SHIP, CORPORATION OR OTHER LEGAL ENTITY IF THE ENDORSEMENT OR DEPOSIT OF
SUCH CHECK OR DRAFT BY THE PAYEE WOULD CONSTITUTE THE  ACCEPTANCE  OF  A
LOAN  FROM  SUCH BANKING ORGANIZATION TO SUCH PAYEE WITHOUT SUCH PAYEE'S
HAVING SOLICITED SUCH LOAN.
  S 2. This act shall take effect on the one hundred twentieth day after
it shall have become a law; provided, however, that effective immediate-
ly, the addition, amendment, and/or repeal of any rule or regulation  by
the superintendent of banks necessary for the implementation of this act
on  its  effective  date  are  authorized  and  directed  to be made and
completed on or before such effective date.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01717-01-9

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