Bill Text: NY S07535 | 2021-2022 | General Assembly | Amended
Bill Title: 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.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2022-12-30 - SIGNED CHAP.830 [S07535 Detail]
Download: New_York-2021-S07535-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 7535--A Cal. No. 927 2021-2022 Regular Sessions IN SENATE November 19, 2021 ___________ Introduced by Sen. SANDERS -- read twice and ordered printed, and when printed to be committed to the Committee on Rules -- recommitted to the Committee on Banks in accordance with Senate Rule 6, sec. 8 -- reported favorably from said committee, ordered to first and second report, ordered to a third reading, amended and ordered reprinted, retaining its place in the order of third reading AN ACT to amend the banking law, in relation to check cashing policies 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-z to 2 read as follows: 3 § 9-z. Cashing of certain checks. 1. No bank, trust company, savings 4 bank, savings and loan association or credit union shall, refuse to cash 5 a cashier's check, a payroll check, or a certified check in the amount 6 of five hundred dollars or less, drawn on accounts in such institution 7 or a branch as long as there are sufficient funds within the account on 8 which the check is drawn. Such institution may require, as a condition 9 for cashing such check, that the payee present a valid government-issued 10 photo identification and matching proof of address such as a bank state- 11 ment, utility bill or printed pay stub. 12 2. If a person presents such forms of identification, as provided in 13 subdivision one of this section, and a signature or mark, and the insti- 14 tution refuses to cash the check in the absence of suspected fraudulent 15 activity, such institution shall be guilty of a violation of this 16 section and shall be subject to penalties pursuant to section forty-four 17 of this chapter. 18 § 2. This act shall take effect on the ninetieth day after it shall 19 have become a law. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD01705-03-2
