Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 18, 2011 |
referred to banks |
Senate Bill S2223
2011-2012 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - In Senate Committee Banks Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2011-S2223 (ACTIVE) - Details
- Current Committee:
- Senate Banks
- Law Section:
- Banking Law
- Laws Affected:
- Amd ยง9-p, Bank L
- Versions Introduced in 2009-2010 Legislative Session:
-
S207
2011-S2223 (ACTIVE) - Sponsor Memo
BILL NUMBER:S2223 TITLE OF BILL: An act to amend the banking law, in relation to acceptance of certain checks for deposit PURPOSE/SUMMARY OF PROVISIONS: This bill would add a new subdivision two to section 9-p to the banking law to impose a fine of not less than one hundred dollars nor more than five hundred dollars on a banking institution, for refusal to accept as a deposit, a double endorsed check, for the sole reason that it contains two endorsements. JUSTIFICATION: Chapter 330 of the laws of 1988 set forth a mandate which prohibits banking institutions from refusing to accept checks with two endorsements. However, this chapter failed to include penalty provisions for violation of said mandate. Consequently, many banking institutions are able to refuse the deposit of checks with two endorsements, leaving the account holder unable to cash his/her check(s).
2011-S2223 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2223 2011-2012 Regular Sessions I N S E N A T E January 18, 2011 ___________ Introduced by Sen. KRUGER -- 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 acceptance of certain checks for deposit THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 9-p of the banking law, as added by chapter 330 of the laws of 1988 and as renumbered by chapter 1 of the laws of 1994, is amended to read as follows: S 9-p. Acceptance of certain checks for deposit. 1. No banking insti- tution as that term is defined in section nine-f of this [chapter] ARTI- CLE shall, as a policy or general practice, refuse to accept as a depos- it made with a teller by an account holder a check for the sole reason that it contains two endorsements. Nothing contained herein shall prevent a banking institution from requiring the approval of an officer or manager as a condition of accepting a check with two endorsements for deposit or from refusing to accept a deposit of a check with two endorsements that is not made with a teller. 2. A VIOLATION OF THIS SECTION SHALL BE PUNISHABLE BY A CIVIL FINE OF NOT LESS THAN ONE HUNDRED DOLLARS NOR MORE THAN FIVE HUNDRED DOLLARS. 3. THE DEPARTMENT SHALL PROMULGATE RULES AND REGULATIONS TO ENFORCE THE PROVISIONS OF THIS SECTION. S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07399-01-1
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