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Senate Bill S1195

2011-2012 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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2011-S1195 (ACTIVE) - Details

Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Add ยง9-v, Bank L
Versions Introduced in Other Legislative Sessions:
2009-2010: S8146
2013-2014: S1156
2015-2016: S794
2017-2018: S2797
2019-2020: S982
2021-2022: S1465

2011-S1195 (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.

2011-S1195 (ACTIVE) - Sponsor Memo

2011-S1195 (ACTIVE) - Bill Text download pdf 

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

                                  1195

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                             January 5, 2011
                               ___________

Introduced  by  Sen. BRESLIN -- 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  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.
                                                           LBD05215-01-1

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