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NY A04267
Bill
Status
2/2/2011
Primary Sponsor
Margaret Markey
Click for details
AI Summary
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All banking organizations and foreign banking corporations operating in New York must cash properly endorsed Social Security checks presented by the payee without requiring an account at that institution
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Cashing requirement applies only to payees who are 62 years of age or older and provide sufficient identification
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"Sufficient identification" is defined as a picture identification card issued by the Department of Motor Vehicles, a Sheriff's Department, or the banking organization where the check is presented
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Act takes effect 60 days after becoming law
Legislative Description
Directs every banking organization or foreign banking corporation transacting business in this state to cash properly endorsed social security checks presented by the payee, upon sufficient identification, notwithstanding the fact that such payee does not maintain an account with such organization or corporation, upon proof that such payee is sixty-two years of age or older; defines "sufficient identification".
Last Action
referred to banks
1/4/2012