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Assembly Bill A4981A

2015-2016 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 - On Floor Calendar

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Bill Amendments

co-Sponsors

2015-A4981 - Details

See Senate Version of this Bill:
S794
Law Section:
Banking Law
Laws Affected:
Add §9-x, Bank L
Versions Introduced in Other Legislative Sessions:
2009-2010: A6685, S8146
2011-2012: A3558, S1195
2013-2014: A3511, S1156
2017-2018: A5744, S2797
2019-2020: A1931, A9677, S982
2021-2022: A1073, S1465

2015-A4981 - 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.

2015-A4981 - Bill Text download pdf 

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

                                  4981

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            February 10, 2015
                               ___________

Introduced  by  M.  of A. ROBINSON, ABINANTI, PERRY, WEPRIN -- read once
  and referred 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-w  to
read as follows:
  S  9-W.  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.
                                                           LBD00884-01-5

co-Sponsors

2015-A4981A (ACTIVE) - Details

See Senate Version of this Bill:
S794
Law Section:
Banking Law
Laws Affected:
Add §9-x, Bank L
Versions Introduced in Other Legislative Sessions:
2009-2010: A6685, S8146
2011-2012: A3558, S1195
2013-2014: A3511, S1156
2017-2018: A5744, S2797
2019-2020: A1931, A9677, S982
2021-2022: A1073, S1465

2015-A4981A (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.

2015-A4981A (ACTIVE) - Bill Text download pdf 

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

                                 4981--A

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            February 10, 2015
                               ___________

Introduced  by  M.  of  A.  ROBINSON,  ABINANTI, PERRY, WEPRIN, SKOUFIS,
  LINARES, SEAWRIGHT -- read once and referred to the Committee on Banks
  -- recommitted to the Committee on Banks in accordance  with  Assembly
  Rule  3,  sec.  2  --  committee  discharged,  bill  amended,  ordered
  reprinted as amended and recommitted to said committee

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-x  to
read as follows:
  S  9-X.  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.
                                                           LBD00884-03-6

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