Loading chat...
NY S07535
Bill
Status
12/30/2022
Primary Sponsor
James Sanders
Click for details
AI Summary
-
Prohibits banks, trust companies, savings banks, savings and loan associations, and credit unions from refusing to cash cashier's checks, payroll checks, or certified checks of $500 or less drawn on their own accounts if sufficient funds exist.
-
Allows financial institutions to require payees to present valid government-issued photo identification and matching proof of address (such as bank statement, utility bill, or pay stub) before cashing checks.
-
Makes a financial institution guilty of a violation subject to penalties under banking law section 44 if it refuses to cash a check after the payee presents required identification and signature, absent suspected fraudulent activity.
-
Takes effect 90 days after becoming law.
Legislative Description
Provides that a banking institution must cash checks drawn on said institution, if payee presents forms of valid identification; makes such institution guilty of a violation for refusal to cash such check after proper identification.
Last Action
SIGNED CHAP.830
12/30/2022