S77-2011 Actions

• Mar 12, 2012: COMMITTEE DISCHARGED AND COMMITTED TO RULES
• Mar 8, 2012: NOTICE OF COMMITTEE CONSIDERATION - REQUESTED
• Jan 4, 2012: REFERRED TO BANKS
• Jan 5, 2011: REFERRED TO BANKS

S77-2011 Memo

BILL NUMBER:S77

TITLE OF BILL:
An act
to amend the banking law, in relation to the negotiation of social
security checks

PURPOSE:
Enables senior citizens to cash social security checks without
maintaining an account at the bank honoring such check.

SUMMARY OF PROVISIONS:
The banking law is amended by adding a new section 6-n requiring banks
and foreign banking corporations in this state to cash properly
endorsed social security checks upon presentation of sufficient
identification, even though the payee is a non-depositor.

JUSTIFICATION:
Senior citizens have difficulty cashing their social security checks
in banks where they do not have an account and in banks where they
have insufficient funds to cover the check. Many senior citizens who
are unable to maintain sufficient funds in their account to cover
their social security check resort to check cashing businesses where
they charge a fee or have friends or family cash it for them. New
York State social security checks should be negotiable regardless of
non-depositor status.

LEGISLATIVE HISTORY:
2010:      S.7946/A.2600-A, Passed Assembly,
Third Reading Cal. in Senate
2007-2008: A.5618/S.311 Referred to Banks
2005-2006: A.4151 S.573, Passed Assembly
2003-2004: A.126/S.381, Passed Assembly
2001-2002: A.202/S.91, Passed Assembly
1998-1999: A.2636/S.2087, Passed Assembly
1996-1997: A.1833-A/S.4876-A, Passed Assembly
1994-1995: A.416/S.1279,Passed Assembly

FISCAL IMPLICATIONS:
None.

EFFECTIVE DATE:
This act shall take effect on the sixtieth day after it shall have
become a law.

S77-2011 Text

 S T A T E   O F   N E W   Y O R K
 
 
                                          77
 2011-2012 Regular Sessions
 I N  SENATE
 (PREFILED)
 January 5, 2011
 
 Introduced by Sens. PERALTA, MONTGOMERY -- read twice and ordered print
 ed, and when printed to be committed to the Committee on Banks
 AN  ACT  to  amend  the  banking  law, in relation to the negotiation of
 social security checks
 THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM
 BLY, DO ENACT AS FOLLOWS:

 

Section  1.  The banking law is amended by adding a new section 6-n to
 read as follows:

 

S 6-N. NEGOTIATING SOCIAL SECURITY CHECKS. EVERY BANKING  ORGANIZATION
 OR  FOREIGN BANKING CORPORATION TRANSACTING BUSINESS IN THIS STATE SHALL
 CASH PROPERLY ENDORSED SOCIAL SECURITY CHECKS PRESENTED  BY  THE  PAYEE,
 UPON SUFFICIENT IDENTIFICATION, NOTWITHSTANDING THE FACT THAT SUCH PAYEE
 DOES NOT MAINTAIN AN ACCOUNT WITH SUCH ORGANIZATION OR CORPORATION, UPON
 PROOF  THAT SUCH PAYEE IS SIXTY-TWO YEARS OF AGE OR OLDER.  FOR PURPOSES
 OF THIS SECTION, "SUFFICIENT IDENTIFICATION" SHALL MEAN A PICTURE  IDEN
 TIFICATION  CARD  ISSUED  TO SUCH PAYEE BY THE DEPARTMENT OF MOTOR VEHI
 CLES, A SHERIFF'S DEPARTMENT OR A BANKING ORGANIZATION WHERE SUCH  CHECK
 IS PRESENTED FOR PAYMENT.
 

S  2.  This  act  shall take effect on the sixtieth day after it shall
 have become a law.
 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD03358-01-1

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