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Tuesday
Sep252012

What's New? NYS Preauthorized EFT Law

DateTuesday, September 25, 2012 at 4:24PM by AuthorBanking Spectrum

On August 17, 2012, Governor Cuomo signed S.219-A / A978, which became Chapter 403 of the laws of 2012.  The new law amends Banking Law section 9-s regarding stop payments of electronic funds transfers (the New York version of the Electronic Funds Transfer Act.)

Text in The Gold Book addressing New York rules for stopping payment on preauthorized electronic transfers have been updated in the Compliance and Electronic Banking chapters.

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