Bill Text: NY A02604 | 2009-2010 | General Assembly | Introduced

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Bill Title: An act to amend the banking law, in relation to prohibiting banks from issuing checks whose endorsement constitutes acceptance of an unsolicited loan

Sponsorship: Partisan Bill (Democrat 3)

Status: (Engrossed - Dead) 2010-05-24 - REFERRED TO BANKS [A02604 Detail]

Download: New_York-2009-A02604-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         2604
                              2009-2010 Regular Sessions
                                 I N  A S S E M B L Y
                                   January 21, 2009
                                      ___________
       Introduced  by M. of A. PRETLOW -- read once and referred to the Commit-
         tee on Banks
       AN ACT to amend the banking law, in relation to prohibiting  banks  from
         issuing checks whose endorsement constitutes acceptance of an unsolic-
         ited loan
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. The banking law is amended by adding a new section  9-v  to
    2  read as follows:
    3    S  9-V.  BANKING  ORGANIZATIONS  PROHIBITED  FROM ISSUING CHECKS WHOSE
    4  ENDORSEMENT CONSTITUTES ACCEPTANCE OF AN UNSOLICITED LOAN.   NO  BANKING
    5  ORGANIZATION  SHALL ISSUE A CHECK OR DRAFT TO ANY PERSON, FIRM, PARTNER-
    6  SHIP, CORPORATION OR OTHER LEGAL ENTITY IF THE ENDORSEMENT OR DEPOSIT OF
    7  SUCH CHECK OR DRAFT BY THE PAYEE WOULD CONSTITUTE THE  ACCEPTANCE  OF  A
    8  LOAN  FROM  SUCH BANKING ORGANIZATION TO SUCH PAYEE WITHOUT SUCH PAYEE'S
    9  HAVING SOLICITED SUCH LOAN.
   10    S 2. This act shall take effect on the one hundred twentieth day after
   11  it shall have become a law; provided, however, that effective immediate-
   12  ly, the addition, amendment, and/or repeal of any rule or regulation  by
   13  the superintendent of banks necessary for the implementation of this act
   14  on  its  effective  date  are  authorized  and  directed  to be made and
   15  completed on or before such effective date.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD01717-01-9