New York A09404 prohibits lending institutions from issuing mail-loan checks unless requested by the recipient, nullifying any resulting debt.

New York A09404 amends the banking law to prohibit lending institutions from issuing mail-loan checks unless the recipient has made an affirmative request or application. Any debt, interest, fee, or obligation arising from an unsolicited mail-loan check is declared null and void and unenforceable. The bill also prohibits lenders from modifying checks or using devices to circumvent these provisions. This law aims to protect consumers, particularly vulnerable groups, from unknowingly entering into unwanted loans.

New York A09404 prohibits lending institutions from issuing mail-loan checks unless requested by the recipient, nullifying any resulting debt.

New York A09404 amends the banking law to prohibit lending institutions from issuing mail-loan checks unless the recipient has made an affirmative request or application. Any debt, interest, fee, or obligation arising from an unsolicited mail-loan check is declared null and void and unenforceable. The bill also prohibits lenders from modifying checks or using devices to circumvent these provisions. This law aims to protect consumers, particularly vulnerable groups, from unknowingly entering into unwanted loans.