Assembly Bill A10754A

2017-2018 Legislative Session

Relates to prohibiting banking organizations from imposing check cashing fees

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Archive: Last Bill Status - In Assembly 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

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Bill Amendments

2017-A10754 - Details

See Senate Version of this Bill:
S7973
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd §9-h, Bank L
Versions Introduced in Other Legislative Sessions:
2019-2020: A1391, S2453
2021-2022: A6281, S2061

2017-A10754 - Summary

Prohibits banking organizations from imposing check cashing fees.

2017-A10754 - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10754
 
                           I N  A S S E M B L Y
 
                               May 16, 2018
                                ___________
 
 Introduced by M. of A. HUNTER -- read once and referred to the Committee
   on Banks
 
 AN  ACT  to  amend  the  banking law, in relation to prohibiting certain
   check cashing fees
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 1 of section 372 of the banking law, as amended
 by chapter 432 of the laws of 2004, is amended to read as follows:
   1.  (A) The superintendent shall, by regulation, establish the maximum
 fees which may be charged by licensees for cashing a  check,  draft,  or
 money  order.  No licensee shall charge or collect any sum for cashing a
 check, draft, or money order in excess of that established by the super-
 intendent's regulations; provided, however, that no  maximum  fee  shall
 apply  to  the  charging of fees by licensees for the cashing of checks,
 drafts or money orders for payees of such checks, drafts or money orders
 that are other than natural persons.
   (B) NOTWITHSTANDING THE PROVISIONS OF PARAGRAPH (A) OF  THIS  SUBDIVI-
 SION, NO LICENSEE SHALL CHARGE OR COLLECT ANY SUM FOR CASHING A CHECK OR
 DRAFT  DRAWN  ON AN ACCOUNT WHEN THE LICENSEE IS THE BANKING INSTITUTION
 ON WHICH THE ACCOUNT HAS BEEN DRAWN, REGARDLESS OF WHETHER  OR  NOT  THE
 INDIVIDUAL CASHING THE CHECK OR DRAFT IS A CUSTOMER OF THE LICENSEE.
   § 2. This act shall take effect immediately.
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14708-01-8

2017-A10754A (ACTIVE) - Details

See Senate Version of this Bill:
S7973
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd §9-h, Bank L
Versions Introduced in Other Legislative Sessions:
2019-2020: A1391, S2453
2021-2022: A6281, S2061

2017-A10754A (ACTIVE) - Summary

Prohibits banking organizations from imposing check cashing fees.

2017-A10754A (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                 10754--A
 
                           I N  A S S E M B L Y
 
                               May 16, 2018
                                ___________
 
 Introduced by M. of A. HUNTER -- read once and referred to the Committee
   on  Banks  -- committee discharged, bill amended, ordered reprinted as
   amended and recommitted to said committee
 
 AN ACT to amend the banking law,  in  relation  to  prohibiting  certain
   check cashing fees
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 9-h of the banking law, as added by chapter  90  of
 the laws of 1985, is amended to read as follows:
   § 9-h.  Imposition of service charges prohibited. 1. No banking organ-
 ization shall impose any service charge  with  respect  to  any  deposit
 account  as  a  result of the loss of a check or money which is properly
 deposited with the banking organization by delivery to  an  employee  of
 the banking organization for credit to the deposit account and for which
 a written receipt is issued by the employee.
   2.  NO  BANKING  ORGANIZATION  SHALL  IMPOSE,  OR  SEEK TO IMPOSE, ANY
 SERVICE CHARGE, OR COLLECT ANY FEE, FOR THE CASHING OF A CHECK OR  DRAFT
 DRAWN  ON AN ACCOUNT AT SUCH BANKING ORGANIZATION, FROM A PERSON TO WHOM
 SUCH CHECK OR DRAFT IS PAYABLE, REGARDLESS OF WHETHER OR NOT SUCH PERSON
 TO WHOM SUCH CHECK OR DRAFT IS PAYABLE IS A CUSTOMER OR  ACCOUNT  HOLDER
 OF  THE  BANKING  ORGANIZATION  UPON WHICH SUCH CHECK OR DRAFT IS DRAWN.
 NOTHING IN THIS SUBDIVISION SHALL REQUIRE A BANKING ORGANIZATION TO CASH
 A CHECK OR A DRAFT WHERE THE ACCOUNT FROM WHICH SUCH CHECK OR  DRAFT  IS
 PAYABLE  DOES  NOT MAINTAIN SUFFICIENT FUNDS TO PAY SUCH CHECK OR DRAFT.
 NOTHING IN THIS SUBDIVISION SHALL FURTHER PROHIBIT ANY BANKING ORGANIZA-
 TION FROM CHARGING ANY ACCOUNT HOLDER ANY SERVICE CHARGE FOR THE CASHING
 OF A CHECK OR A DRAFT. NOTHING IN THIS SUBDIVISION SHALL ADDITIONALLY BE
 DEEMED TO PREVENT ANY BANKING ORGANIZATION FROM  REQUESTING  TO  EXAMINE
 FROM ANY PERSON SEEKING TO CASH A CHECK OR A DRAFT DRAWN ON SUCH BANKING
 ORGANIZATION,  FOR SUFFICIENT IDENTIFICATION NECESSARY TO PROPERLY IDEN-
 TIFY SUCH PERSON AS THE PERSON TO WHOM THE CHECK OR  DRAFT  IS  PAYABLE.
 FOR  PURPOSES  OF THIS SECTION, A VALID AND UP TO DATE DRIVER'S LICENSE,
 NON-DRIVER'S IDENTIFICATION CARD, OR UNITED  STATES  PASSPORT  SHALL  BE
 DEEMED TO CONSTITUTE SUFFICIENT IDENTIFICATION.
   § 2. This act shall take effect immediately.

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