NY A01693

Requires mail-loan checks issued to non-customers to display "ONE FORM OF VALID PHOTOGRAPHIC ID NEEDED TO CASH OR DEPOSIT" on the face of the check, though entities may require additional 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 (maximum six months), and any additional information required by the superintendent.

Restricts lending institutions from issuing mail-loan checks except in response to a customer request or application.

Establishes that failure to destroy or return a mail-loan check does not constitute acceptance, and imposes civil penalties up to $500 for each violation of these provisions.