§ 14-d. Power of the superintendent of financial services to prescribe
a reasonable period of time permitting the drawing on items received for
deposit in a customer's account. 1. It is the public policy of this
state to provide all banking customers with the ability to draw against
items deposited for collection with any banking institution located in
this state within a reasonable period of time.

2. The superintendent of financial services shall promulgate
regulations, which may be amended from time to time, establishing a
reasonable period of time within which a banking institution must permit
a banking customer to draw, as of right, on an item which has been
received for deposit in the customer's account.

3. The superintendent is authorized to gather from banking
institutions such information as may be required by the superintendent
of financial services for the promulgation of the regulations required
by this section.

4. (a) Except as otherwise provided in paragraph (b) of this
subdivision, a provision in any agreement between a banking institution
and its banking customer which provides for a period of time longer than
the period prescribed under regulations promulgated pursuant to this
section is unreasonable for purposes of article four of the uniform
commercial code and, in lieu thereof, the maximum period of time
permitted in the regulation shall be deemed controlling. For all other
purposes the provisions of this section shall not be deemed or construed
to alter or impair any right or obligation under the uniform commercial
code.

(b) This section does not prohibit a banking institution and a banking
customer from agreeing in writing to a greater period of time than that
otherwise prescribed by regulation pursuant to this section for the
drawing against items because of special circumstances, provided that,
such agreement is not contained in a pre-printed form and is not a
usual, regular business practice of the institution.

5. Such regulations shall require every banking institution to notify
each of its banking customers, in writing, of the applicable time
limitations on the right to draw on items received for deposit in the
customer's account and to keep posted in a conspicuous place at each
branch, a notice substantially setting forth the generally applicable
time limitations of the banking institution's customers' rights to draw
on items deposited to their accounts.

6. The superintendent of financial services is empowered, upon a
determination that the uniform application of a regulation adopted
pursuant to this section would result in unsafe or unsound banking
practices, to issue such further regulation or order with respect
thereto as it deems appropriate.

7. In this section "banking institution" has the same meaning ascribed
to it by section nine-f of this chapter and "item" has the same meaning
ascribed to it by the uniform commercial code.