SB 6520 - DIGEST |
(SEE ALSO PROPOSED 1ST SUB) |
Requires a payor bank to pay a check drawn on it against an account with a sufficient balance at par, without regard to whether the payee holds an account at the bank. |
Does not prohibit a bank from requiring commercially reasonable verification of the payee's identity before settlement of the check. |
Requires that, in addition to any remedy provided by law, the department of financial institutions shall ensure that payor banks comply with the requirements of this act. |