senate Bill S71

2013-2014 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 Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to banks
Jan 09, 2013 referred to banks

S71 - Bill Details

See Assembly Version of this Bill:
A6025
Current Committee:
Law Section:
Banking Law
Laws Affected:
Add ยง6-n, Bank L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S77, A4267
2009-2010: S7946, A2600

S71 - Bill Texts

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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".

view sponsor memo
BILL NUMBER:S71

TITLE OF BILL:
An act
to amend the banking law, in relation to the negotiation of social
security checks

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

SUMMARY OF PROVISIONS:
The banking law is amended by adding a new section 6-n requiring banks
and foreign banking corporations in this state to cash properly
endorsed social security checks upon presentation of sufficient
identification, even though the payee is a non-depositor.

JUSTIFICATION:
Senior citizens have difficulty cashing their social security checks
in banks where they do not have an account and in banks where they
have insufficient funds to cover the check. Many senior citizens who
are unable to maintain sufficient funds in their account to cover
their social security check resort to check cashing businesses where
they charge a fee or have friends or family cash it for them. New
York State social security checks should be negotiable regardless of
non-depositor status.

LEGISLATIVE HISTORY:
2011-12: S.77
2010: S.7946/A.2600-A, Passed Assembly, Third Reading
Cal. in Senate
2007-08: A.5618/S.311, Referred to Banks
2005-06: A.4151/S.573, Passed Assembly
2003-04: A.126/S.381, Passed Assembly
2001-02: A.202/S.91, Passed Assembly
1998-99: A.2636/S.2087, Passed Assembly
1996-97: A.1833-A/S.4876-A, Passed Assembly
1994-95: A.416/S.1279, Passed Assembly

FISCAL IMPLICATIONS:
None.

EFFECTIVE DATE:
This act shall take effect on the sixtieth day after it shall have
become a law.

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

                                   71

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced  by  Sen. PERALTA -- 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.
  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.
                                                           LBD01112-01-3

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