senate Bill S4894

Signed By Governor
2021-2022 Legislative Session

Prohibits banking organizations from issuing mail-loan checks without request or application therefor

download bill text pdf

Sponsored By

Current 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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Actions

view actions (22)
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

Votes

view votes

Feb 15, 2022 - Banks committee Vote

S4894
8
0
committee
8
Aye
0
Nay
3
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Banks committee vote details

Banks Committee Vote: Feb 15, 2022

aye wr (3)

Apr 27, 2021 - Banks committee Vote

S4894
9
0
committee
9
Aye
0
Nay
2
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Banks committee vote details

Banks Committee Vote: Apr 27, 2021

aye wr (2)

S4894 (ACTIVE) - Details

See Assembly Version of this Bill:
A1693
Law Section:
Banking Law
Laws Affected:
Amd §9-t, Bank L
Versions Introduced in Other Legislative Sessions:
2009-2010: A2604
2011-2012: A2850
2013-2014: A2792
2015-2016: A1645
2017-2018: A1126
2019-2020: S4628, A3243

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

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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