NY A03243

Requires lending institutions to include a statement on mail-loan checks stating "ONE FORM OF VALID PHOTOGRAPHIC ID NEEDED TO CASH OR DEPOSIT" and allows entities to require more than one form of identification.

Prohibits lending institutions from making any 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, expiration date (not exceeding six months), and any additional information required by the superintendent.

Prohibits lending institutions from issuing mail-loan checks except in response to a request or application from the borrower.

Provides that failure to destroy or return a mail-loan check does not constitute acceptance of the check, and establishes a civil penalty of up to $500 per violation for non-compliance.