Bill Text: NY S06240 | 2015-2016 | General Assembly | Introduced

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Bill Title: Prohibits banks from holding for deposit the funds from checks issued by the state.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2016-01-06 - REFERRED TO BANKS [S06240 Detail]

Download: New_York-2015-S06240-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         6240
                                   I N  S E N A T E
                                      (PREFILED)
                                    January 6, 2016
                                      ___________
       Introduced  by Sen. HAMILTON -- 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  the  deposit  of  state
         issued checks
         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-e  to
    2  read as follows:
    3    S  9-E.  DEPOSIT  OF  STATE  ISSUED CHECKS. NO BANKING INSTITUTION, AS
    4  DEFINED IN SECTION NINE-F OF THIS ARTICLE, SHALL HOLD  FOR  DEPOSIT  THE
    5  FUNDS FROM A CHECK ISSUED BY THE STATE.
    6    S  2.  This  act shall take effect on the thirtieth day after it shall
    7  have become a law.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD05363-01-5