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Can you summarize NYCL BNK 9-T?
Short Title; Definitions; Miscellaneous Provisions > Unsolicited mail-loan checks
Short Summary
This section of the Consolidated Laws of New York governs the issuance and handling of mail-loan checks by lending institutions. A mail-loan check is defined as a check sent by a lending institution to a person, which, when cashed or deposited, obligates the person to repay the amount according to the terms provided. Lending institutions issuing mail-loan checks must include a written statement on the face of each check, require no reference to the check on the envelope, make the checks non-transferable, and include transaction fee, interest rate, and expiration date. Mail-loan checks can only be issued in response to a request or application. Failure to destroy or return a mail-loan check does not constitute acceptance. Any lending institution violating these provisions may be liable for a civil penalty of up to five hundred dollars per violation.
Whom does it apply to?
Lending institutions
What does it govern?
Mail-loan checks
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
A civil penalty not to exceed five hundred dollars for each violation
Jurisdiction
New York