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NY A02604
Bill
Status
5/24/2010
Primary Sponsor
Michael Miller
Click for details
AI Summary
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Prohibits banking organizations from issuing checks or drafts where endorsement or deposit by the payee would constitute automatic acceptance of an unsolicited loan
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Applies the prohibition to checks issued to any person, firm, partnership, corporation, or other legal entity
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Requires that any loan acceptance only occur if the payee has specifically solicited the loan
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Takes effect 120 days after the act becomes law
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Directs the superintendent of banks to adopt necessary rules and regulations for implementation immediately upon enactment
Legislative Description
An act to amend the banking law, in relation to prohibiting banks from issuing checks whose endorsement constitutes acceptance of an unsolicited loan
Last Action
REFERRED TO BANKS
5/24/2010