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NY A06685
Bill
Status
Engrossed
3/22/2010
Primary Sponsor
Joel Miller
Click for details
AI Summary
- Requires banking institutions to pay checks in the order they are received, regardless of any other law, rule, or regulation
- Applies to all banks that provide checking accounts to customers
- Allows banks to dishonor a check for insufficient funds
- Requires banks to honor smaller checks received after a dishonored check if sufficient funds exist to pay those smaller checks
- Takes effect January 1 of the year following enactment
Legislative Description
Provides that every banking institution which maintains checking accounts for customers shall pay checks in the order received within account balance; provides such banks may dishonor check for insufficient funds, but then must honor smaller checks within amounts on deposit in the subject account.
Last Action
REFERRED TO BANKS
3/22/2010
Committee Referrals
Banks3/22/2010
Codes2/23/2010
Banks3/11/2009
Full Bill Text
No bill text available