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NY A01126
Bill
Status
1/10/2017
Primary Sponsor
Gary Pretlow
Click for details
AI Summary
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Requires lending institutions issuing mail-loan checks to include transaction fees, interest rates, and expiration dates (not exceeding six months) on the check face, plus any additional information the superintendent requires.
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Prohibits lending institutions from issuing mail-loan checks except in response to a customer request or application.
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Establishes that failure to destroy or return a mail-loan check does not constitute acceptance of the check.
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Mandates mail-loan checks display "ONE FORM OF VALID PHOTOGRAPHIC ID NEEDED TO CASH OR DEPOSIT" on the face for non-customers, though cashing entities may require additional identification.
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Imposes civil penalties not exceeding $500 per violation for lending institutions that mail mail-loan checks in violation of these requirements.
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
referred to codes
1/3/2018