Loading chat...
NY A09677
Bill
Status
2/4/2020
Primary Sponsor
Thomas Abinanti
Click for details
AI Summary
-
Requires banking institutions offering consumer checking accounts to pay checks either in the order received or from smallest to largest dollar amount for each business day's transactions.
-
Mandates that if a check is dishonored for insufficient funds, any smaller checks received afterward must be honored if sufficient funds are available in the account.
-
Requires banks to disclose in writing to consumers the order in which checks will be paid, provided at account opening and before any policy changes.
-
Directs the superintendent to promulgate rules and regulations for implementation of these requirements.
-
Defines "consumer checking accounts" as accounts established by natural persons for personal, family, or household purposes and takes effect January 1 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
ordered to third reading rules cal.251
7/21/2020