What's New? New Law - NYS Unsolicited Loan Checks

On November 13, 2013, Governor Cuomo signed A.3601/S43012, which became Chapter 467 of the Laws of 2013.  The law adds a new section 520-d to the General Business Law to aid in consumer protection.  The new law is effective as of the signing date.

The new law removes liability on the part of the payee unless the payee has accepted the check or the account against which the check is issued. 

See Unsolicited Mail Loan Checks in The Gold Book for additional information.