New York 2025-2026 Regular Session

New York Assembly Bill A07502

Introduced
3/28/25  
Refer
3/28/25  

Caption

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

Summary

Bill A07502 seeks to amend the banking law of New York by introducing a new section that prohibits banking institutions from holding for deposit any funds from checks issued by the state. This legislation aims to streamline the process of handling state-issued checks and ensure that funds are made available to recipients without undue delay or restrictions imposed by banks.

Impact

If enacted, this bill would significantly alter the operations of banking institutions in New York regarding state-issued checks. It would eliminate the ability of banks to hold these checks for deposit, thereby ensuring that individuals and entities receiving state funds can access their money immediately. This change could affect various stakeholders, including state agencies, beneficiaries of state programs, and the banking sector itself, which may need to adjust their policies and procedures accordingly.

Sentiment

The sentiment surrounding Bill A07502 appears to be generally supportive, as it addresses a practical issue related to the accessibility of state funds. However, there may be concerns from banking institutions regarding the implications of this mandate on their operations and risk management practices.

Contention

Notable points of contention may arise from banking institutions that could argue this bill undermines their ability to manage deposits effectively and could expose them to increased risk. Additionally, there may be discussions regarding the potential impact on state finances and the administrative burden on state agencies responsible for issuing checks.

Companion Bills

No companion bills found.

Previously Filed As

NY HF4524

Banks and credit unions prohibited from charging a fee for electronically depositing a check.

NY S08002

Restricts who may sign checks issued by the state associated with the inflation refund credit to the commissioner of taxation and finance or their designee; prohibits such checks from containing the name, likeness, image, facsimile signature, or actual signature of the governor.

NY A09404

Relates to the prohibition of lending institutions issuing mail-loan checks except in response to an affirmative request or application therefor; provides that any debt, interest, fee or other obligation arising from a mail-loan check issued in violation of this section shall be null and void and unenforceable.

NY S09570

Relates to the prohibition of lending institutions issuing mail-loan checks except in response to an affirmative request or application therefor; provides that any debt, interest, fee or other obligation arising from a mail-loan check issued in violation of this section shall be null and void and unenforceable.

NY SB115

Enacting the Kansas bullion depository act to authorize the state treasurer to establish, administer or contract for the administration of bullion depositories and allowing for state moneys to be deposited in such bullion depositories and invested in specie legal tender.

NY S10152

Provides that only automated clearing houses or electronic funds transfers from such authorized sports bettor's personal bank account, wire transfers from an authorized sports bettor's personal bank account, personal checks delivered to the operator, a debit card issued by a financial institution that draws directly from such authorized sports bettor's personal bank account only and not a prepaid debit card, or in-person cash deposits at a casino or other approved location, may be used to fund mobile sports wagering accounts.

NY A09557

Provides that only automated clearing houses or electronic funds transfers from such authorized sports bettor's personal bank account, wire transfers from an authorized sports bettor's personal bank account, personal checks delivered to the operator, a debit card issued by a financial institution that draws directly from such authorized sports bettor's personal bank account only and not a prepaid debit card, or in-person cash deposits at a casino or other approved location, may be used to fund mobile sports wagering accounts.

NY H5729

Adds grass/grass clippings to the items prohibited from being deposited or blown onto a highway or roadway.

NY SF0054

AN ACT relating to banks, banking and finance; providing for the conversion of special purpose depository institutions into state banks; providing for the conversion of state banks into special purpose depository institutions; requiring rulemaking; and providing for effective dates.

NY HB2423

Revises statutory provisions under Division of Finance by creating a new fund for depositing moneys collected and paid from licensing fees

Similar Bills

No similar bills found.