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Bill

A 7502

Prohibits banks from holding for deposit state issued check

2025 Regular Session Introduced by Gary Pretlow

Bill A 7502 prohibits banks from accepting state-issued checks for deposit, affecting banks, state agencies, and individuals by complicating fund access and transactions.

REFERRED TO BANKS
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WeVote Research Nonpartisan
Bill Summary · A 7502

Summary of Bill A 7502

Bill Information

  • Bill Number: A 7502
  • Title: Prohibits banks from holding for deposit state issued check
  • Status: Referred to Banks
  • Introduced: March 28, 2025
  • Classification: Bill

Purpose and Intent

Bill A 7502 aims to prohibit banks from accepting state-issued checks for deposit. The intent behind this legislation is to streamline the handling of state funds and ensure that state-issued checks are processed in a manner that aligns with state financial management practices.

Key Provisions

  • Prohibition on Deposits: The bill specifically prohibits banks from holding state-issued checks for deposit. This means that any check issued by the state cannot be deposited into a bank account.
  • Implementation Guidelines: While the bill does not detail specific implementation guidelines, it implies that banks will need to adjust their policies and procedures to comply with this prohibition.

Affected Parties

  • Banks: Financial institutions will be directly impacted as they will need to modify their operations to ensure compliance with the new prohibition on state-issued checks.
  • State Agencies: Agencies that issue checks will need to consider alternative methods for disbursing funds, as their checks cannot be deposited in banks.
  • Individuals and Businesses: Recipients of state-issued checks may face challenges in cashing or utilizing these checks, potentially affecting their financial transactions.

Procedural Aspects

  • Legislative Action: The bill was introduced and referred to the Banks committee on March 28, 2025. As of now, it is awaiting further action or discussion within the committee.
  • Related Bills: This bill is part of a broader legislative context, with several related bills from prior sessions (A 3228, A 4089, A 2759, A 3414, A 4918, A 3569, A 3554, A 1699, A 4555) that may address similar issues or provide additional context regarding state financial management.

Conclusion

Bill A 7502 seeks to prohibit banks from accepting state-issued checks for deposit, potentially impacting various stakeholders, including banks, state agencies, and individuals. As the bill progresses through the legislative process, further details and implications may emerge, particularly regarding how state agencies will adapt to this change.

Compiled from official sources — confirm details with the bill’s official record.

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