On September 2, 2022, new requirements for “live checks” became effective in New York.  The new requirements were created by SB 4894 which New York Governor Hochul signed into law on May 5, 2022.

The new requirements apply to “mail-loan checks” issued by “lending institutions.”  A “mail-loan check” is defined as “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.” … Continue Reading