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NY A01073
Bill
Status
1/7/2021
Primary Sponsor
Thomas Abinanti
Click for details
AI Summary
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Requires banking institutions offering consumer checking accounts to pay checks either in order of receipt or from smallest to largest dollar amount each business day.
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Mandates that if a check is dishonored for insufficient funds, any smaller checks received afterward must be honored if sufficient funds exist in the account.
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Requires banks to disclose in writing to consumers the order in which checks will be paid, at account opening and before any policy changes.
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Defines "consumer checking accounts" as accounts established by natural persons for personal, family, or household purposes.
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Takes effect on January 1st of the year following enactment, with the superintendent required to promulgate implementation rules and regulations.
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 a check for insufficient funds, but then must honor smaller checks within amounts on deposit in the subject account.
Last Action
substituted by s1465
3/17/2021