Loading chat...
NY A01645
Bill
Status
1/12/2015
Primary Sponsor
Gary Pretlow
Click for details
AI Summary
-
Requires lending institutions issuing mail-loan checks to include a statement on each check stating "ONE FORM OF VALID PHOTOGRAPHIC ID NEEDED TO CASH OR DEPOSIT," though entities may require more than one form of identification.
-
Prohibits lending institutions from making reference on the outside of envelopes containing mail-loan checks that indicates a check is enclosed.
-
Mandates that all mail-loan checks be non-transferable and include the transaction fee, interest rate, and an expiration date of no more than six months.
-
Prohibits lending institutions from issuing mail-loan checks except in response to a specific request or application from the borrower.
-
Establishes a civil penalty of up to $500 for each violation of these mail-loan check requirements, with the act taking effect 120 days after becoming law.
Legislative Description
Prohibits banking organizations from issuing mail-loan checks without request or application therefor; provides that failure to destroy or return a mail-loan check does not constitute an acceptance thereof; provides that mail-loan checks shall have the transaction fee and interest rate included on the check.
Last Action
ordered to third reading rules cal.116
6/8/2016