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NY A01931
Bill
Status
1/18/2019
Primary Sponsor
Kenneth Zebrowski
Click for details
AI Summary
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Banking institutions offering consumer checking accounts must pay checks either in the order received or from smallest to largest dollar amount for each business day's transactions.
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If a check is dishonored due to insufficient funds, any smaller checks subsequently received that could be paid must be honored within the available account balance.
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Banks must disclose in writing to consumers the order in which checks are paid, provided at account opening and before any policy changes.
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The Superintendent of Financial Services must promulgate rules and regulations to implement these requirements.
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The act 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
enacting clause stricken
1/21/2020