| Assembly Actions - Lowercase Senate Actions - UPPERCASE |
|
|---|---|
| May 05, 2022 | signed chap.184 |
| Apr 27, 2022 | delivered to governor |
| Mar 29, 2022 | returned to senate passed assembly ordered to third reading cal.82 substituted for a1693 |
| Feb 28, 2022 | referred to codes delivered to assembly passed senate |
| Feb 17, 2022 | advanced to third reading |
| Feb 16, 2022 | 2nd report cal. |
| Feb 15, 2022 | 1st report cal.498 |
| Jan 05, 2022 | referred to banks returned to senate died in assembly |
| May 20, 2021 | referred to codes delivered to assembly passed senate |
| May 03, 2021 | advanced to third reading |
| Apr 28, 2021 | 2nd report cal. |
| Apr 27, 2021 | 1st report cal.798 |
| Feb 18, 2021 | referred to banks |
senate Bill S4894
Signed By Governor2021-2022 Legislative Session
Sponsored By
James Sanders Jr.
(D) 10th Senate District
Archive: Last Bill Status - Signed by Governor
- Introduced
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed by Governor
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S4894 (ACTIVE) - Details
S4894 (ACTIVE) - Summary
Prohibits banking organizations from issuing mail-loan checks without request or application therefor; provides that failure to destroy or return a mail-loan check does not constitute an acceptance thereof; provides that mail-loan checks shall have the transaction fee and interest rate included on the check.
S4894 (ACTIVE) - Sponsor Memo
BILL NUMBER: S4894 SPONSOR: SANDERS TITLE OF BILL: An act to amend the banking law, in relation to mail-loan checks PURPOSE OR GENERAL IDEA OF BILL: Prohibits banking organizations from issuing mail-loan checks without request or application, in order to protect consumers from potentially unsafe banking products. SUMMARY OF SPECIFIC PROVISIONS: This bill amends subdivisions 2 and 3 of section 9-t of the banking law and adds a new subdivision 4 to section 9-t of the banking law. JUSTIFICATION:
S4894 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
4894
2021-2022 Regular Sessions
I N S E N A T E
February 18, 2021
___________
Introduced by Sen. SANDERS -- 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 mail-loan checks
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Subdivisions 2 and 3 of section 9-t of the banking law, as
added by chapter 309 of the laws of 2002, are amended and a new subdivi-
sion 4 is added to read as follows:
2. Any lending institution which issues mail-loan checks shall:
(a) include on the face of each check issued to a non-customer a writ-
ten statement, in legible type reading "ONE FORM OF VALID PHOTOGRAPHIC
ID NEEDED TO CASH OR DEPOSIT"; provided, however, that any entity cash-
ing or accepting a mail-loan check for deposit may require more than one
form of identification;
(b) make no reference on the outside of the envelope containing a
mail-loan check that indicates that a check is enclosed within such
envelope;
(c) provide that all mail-loan checks shall be non-transferable; and
(d) include THE TRANSACTION FEE AND INTEREST RATE AND an expiration
date of not more than six months on the mail-loan check, AS WELL AS ANY
ADDITIONAL INFORMATION THAT THE SUPERINTENDENT MAY REQUIRE.
3. NO LENDING INSTITUTION SHALL ISSUE A MAIL-LOAN CHECK, EXCEPT IN
RESPONSE TO A REQUEST OR APPLICATION THEREFOR.
4. FAILURE TO DESTROY OR RETURN A MAIL-LOAN CHECK SHALL NOT CONSTITUTE
ACCEPTANCE OF THE CHECK.
5. Any lending institution which mails a mail-loan check in violation
of the provisions of this section shall be liable for a civil penalty
not to exceed five hundred dollars for each such violation.
§ 2. This act shall take effect on the one hundred twentieth day after
it shall have become a law.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD00135-01-1
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