(a) "lending institution" shall mean a licensed lender or a state or
federally chartered bank, trust company, savings bank, savings and loan
association or credit union.
(b) "mail-loan check" shall mean a check, made out to and mailed to a
person by a lending institution, which, when cashed or deposited by such
person, obligates such person to repay to such lending institution the
amount of the proceeds of such check according to terms mailed to such
recipient with such check.
2. Any lending institution which issues mail-loan checks shall:
(a) include on the face of each check issued to a non-customer a
written statement, in legible type reading "ONE FORM OF VALID
PHOTOGRAPHIC ID NEEDED TO CASH OR DEPOSIT"; provided, however, that any
entity cashing or accepting a mail-loan check for deposit may require
more than one form of identification;
(b) make no reference on the outside of the envelope containing a
mail-loan check that indicates that a check is enclosed within such
envelope;
(c) provide that all mail-loan checks shall be non-transferable; and
(d) include the transaction fee and interest rate and an expiration
date of not more than six months on the mail-loan check, as well as any
additional information that the superintendent may require.
3. No lending institution shall issue a mail-loan check, except in
response to a request or application therefor.
4. Failure to destroy or return a mail-loan check shall not constitute
acceptance of the check.
5. Any lending institution which mails a mail-loan check in violation
of the provisions of this section shall be liable for a civil penalty
not to exceed five hundred dollars for each such violation.
Structure New York Laws
Article 1 - Short Title; Definitions; Miscellaneous Provisions.
2-A - Limited Liability Investment Company; Definitions.
2-B - Limited Liability Trust Companies; Definitions.
4-C - Exemptions From Certain Provisions of Chapter.
5 - Loans Pursuant to the "Servicemen's Readjustment Act of 1944."
6-C - Application Forms to Be Made Available; Certain Cases.
6-D - Requirement to State in Writing Reason for Denial of Mortgage Loan.
6-E - Graduated Payment Mortgages Authorized.
6-G - Override of Certain Provisions of United States Public Law 97-320.
6-H - Reverse Mortgage Loans Authorized.
6-K - Real Property Insurance Escrow Accounts.
6-N - Responsibility of Banks for Mortgages Being Processed for Modification.
6-O - Single Point of Contact for Modifying Delinquent Home Loans.
6-O*2 - Reverse Cooperative Apartment Unit Loans for Persons Sixty-Two Years of Age or Older.
6-P - Loan Counseling for Mortgages Guaranteed by the Servicemen's Readjustment Act of 1944.
9-B - Actions or Special Proceedings by Superintendent or Attorney-General.
9-C - Superintendent's or Attorney-General's Action for Judicial Dissolution.
9-D - Enforcement of Section Two Hundred Ninety-Six-a of the Executive Law.
9-F - Geographic Discrimination in Making Mortgage Loans Prohibited.
9-H - Imposition of Service Charges Prohibited.
9-I - Close-Out Fees Prohibited in Certain Cases.
9-I*2 - Prohibition on Depositor of Early Withdrawal Penalty in Certain Cases.
9-J - Disposal of Records; Customer Accounts.
9-K - Sale of Education Loans.
9-N - Trust Accounts; Address of Beneficiary.
9-O - Mortgage Loans; Disclosure Form.
9-P - Acceptance of Certain Checks for Deposit.
9-R - Geographic Restrictions.
9-S - Preauthorized Electronic Fund Transfers.
9-T - Unsolicited Mail-Loan Checks.
9-U - Atm Transactions by Persons Using Foreign Bank Accounts.
9-V - Savings Promotion Prize Giveaway.
9-W - Standard Financial Aide Award Letter.
9-X*2 - Fees Based on Inactivity; Notification.
9-Y - Banking Institutions to Pay Checks Drawn Therein in Order of Presentation.