Bill Text: NY S02223 | 2011-2012 | General Assembly | Introduced

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Bill Title: Imposes a civil penalty of not less than $100 nor more than $500 upon a banking organization which fails or refuses to accept certain checks for deposit; directs department of banking to promulgate rules and regulations necessary for the implementation of this act.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2011-01-18 - REFERRED TO BANKS [S02223 Detail]

Download: New_York-2011-S02223-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         2223
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                   January 18, 2011
                                      ___________
       Introduced  by  Sen.  KRUGER -- read twice and ordered printed, and when
         printed to be committed to the Committee on Banks
       AN ACT to amend the banking law, in relation to  acceptance  of  certain
         checks for deposit
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Section 9-p of the banking law, as added by chapter 330  of
    2  the  laws of 1988 and as renumbered by chapter 1 of the laws of 1994, is
    3  amended to read as follows:
    4     S 9-p. Acceptance of certain checks for deposit. 1. No banking insti-
    5  tution as that term is defined in section nine-f of this [chapter] ARTI-
    6  CLE shall, as a policy or general practice, refuse to accept as a depos-
    7  it made with a teller by an account holder a check for the  sole  reason
    8  that  it  contains  two  endorsements.  Nothing  contained  herein shall
    9  prevent a banking institution from requiring the approval of an  officer
   10  or manager as a condition of accepting a check with two endorsements for
   11  deposit  or  from  refusing  to  accept  a  deposit  of a check with two
   12  endorsements that is not made with a teller.
   13    2. A VIOLATION OF THIS SECTION SHALL BE PUNISHABLE BY A CIVIL FINE  OF
   14  NOT LESS THAN ONE HUNDRED DOLLARS NOR MORE THAN FIVE HUNDRED DOLLARS.
   15    3.  THE  DEPARTMENT  SHALL PROMULGATE RULES AND REGULATIONS TO ENFORCE
   16  THE PROVISIONS OF THIS SECTION.
   17    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07399-01-1