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.
STATE OF NEW YORK
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1082--A
2021-2022 Regular Sessions
IN ASSEMBLY
January 7, 2021
___________
Introduced by M. of A. ABINANTI -- read once and referred to the Commit-
tee on Banks -- recommitted to the Committee on Banks in accordance
with Assembly Rule 3, sec. 2 -- committee discharged, bill amended,
ordered reprinted as amended and recommitted to said committee
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.
LBD01705-02-2
