What is Section 137 of the New York State Finance Law? (2024)

What is Section 137 of the New York State Finance Law?

State Finance Law section 137 generally requires prime contractors to obtain a payment bond for public projects to protect subcontractors, sub-subcontractors and materialmen from non-payment by the prime contractor.

What is Section 138 of the New York State Finance Law?

State Finance Law, Article 9, Section 138 states contracts cannot be assigned, transferred, conveyed, sublet or otherwise disposed of without the prior written consent of the contracting agency officials.

What is NYS Finance Law 136 A?

It is the policy of New York state to negotiate contracts for architectural and/or engineering services and/or geological and/or surveying services on the basis of demonstrated competence and qualification for the type of professional services required and at fair and reasonable fees.

What is the NY State Finance Law 139 F?

The State Finance Law (SFL) §139-f(2) includes requirements for prompt payment of Subcontractors and Material Suppliers on public works contracts. For the purpose of this section, all of the additional participants in the contract are referred to as Subcontractors.

What is Section 41 of the New York State Finance Law?

No state officer, employee, board, department or commission shall contract indebtedness on behalf of the state, nor assume to bind the state, in an amount in excess of money appropriated or otherwise lawfully available.

What does Section 138 stand for?

Section 138. Dishonour of cheque for insufficiency, etc., of funds in the account.

What are the rules for Section 138?

i) An offence under Section 138 of the Negotiable Instruments Act, 1881 is committed no sooner a cheque drawn by accused on an account being maintained by him in a bank for discharge of debt/liability is returned unpaid for insufficiency of funds or for the reason that the amount exceeds the arrangement made with the ...

What are the payment terms for New York State Finance Law?

New York State Finance Law (SFL) §179-f requires the State to pay vendors promptly (within 30 days for most vendors, 15 days for qualified Small Business vendors). When the State fails to pay the vendor by the Net Due Date, the vendor may be entitled to interest.

What is Section 131 of the New York State Banking Law?

No person unauthorized by law shall subscribe to or become a member of, or be in any way interested in any association, institution or company formed or to be formed for the purpose of issuing notes or other evidences of debt to be loaned or put in circulation as money; nor shall any such person subscribe to or become ...

What is Section 112 of the NYS Finance Law?

The comptroller shall prepare and prescribe a system of accounting and a form of accounts to be installed and observed in every state department and in every state institution, which shall be accepted and followed by them respectively, after thirty days' notice thereof.

What is the New York Executive Law 137?

In all the courts within this state the certificate of a notary public, over his signature, shall be received as presumptive evidence of the facts contained in such certificate; provided, that any person interested as a party to a suit may contradict, by other evidence, the certificate of a notary public.

What is NYS Finance Law 139 J or 139 K?

The purpose of State Finance Law Sections 139-j and 139-k is to ensure that only permissible contacts occur during the restricted period of a governmental procurement that involves an estimated annualized expenditure in excess of $15,000 for commodities, services, technology, public work, construction, revenue ...

What is New York State Finance Law 11 A?

New York State Finance Law Article 11-A - INTEREST PAYMENTS ON CERTAIN AMOUNTS OWED BY STATE. 179-d - Legislative Intent. Firms and organizations that do business with the state of New York expect and deserve to be paid in a prompt and timely manner.

What is Section 128 of the New York State Banking Law?

Every bank and every trust company shall preserve all its records of final entry, including cards used under the card system and deposit tickets, for a period of at least six years from the date of making the same or from the date of the last entry thereon; provided, however, that preservation of photographic ...

What is Section 601 of the General business law of New York?

Law § 601-A. No principal creditors and/or debt collection agencies shall make any representation that a person is required to pay the debt of a family member in a way that contravenes with the Fair Debt Collection Practices Act ( 15 USC § 1692 et seq.).

What is Section 38 of the lien law of the state of New York?

New York Lien Law § 38 provides that on demand of the owner or contractor to the lienor, a verified statement in writing, stating the items of labor and/or material which form the basis of the lien, and the value of such labor/material which encompass the lien being asserted.

What is the limitation of Section 138?

If the drawer does not pay the amount of cheque within 15 days of receipt of the notice, the drawer can file a criminal case under section 138 of Negotiable Instruments Act, 1881 within next one month in the court where the cause of action has taken place.

What is the warrant of 138?

The Magistrate has the legal authority to issue a non-bailable warrant if it is required to assure or force the appearance of the accused in a cheque bounce case under Section 138 of the Negotiable Instruments Act, 1881. The maximum sentence for violating Section 138 of the NI Act is two years in prison.

What is 138 stop payment?

1173-1174 of 2001, The Hon'ble Supreme Court held that a complaint under Section 138 of the Negotiable Instruments Act can be made not only when a cheque is dishonoured due to insufficient funds or if the amount of the cheque exceeds the amount in the account, but also when the drawer of the cheque instructs their bank ...

How do you defend a 138 case?

If the defendant can show that there were adequate funds to cash the cheque but that there were other factors contributing to the payment being halted, then section 138 of the Act would not be applicable. The accused is presumed to be innocent unless and until the contrary is established.

Is debt legally enforceable under section 138?

2 has the binding effect of a contract and hence the complaint under Section 138 of NI Act is maintainable when a cheque is drawn to pay wholly or in part, a debt which is enforceable and there is no bar of limitation. The cheque amounts to a promise governed by Section 25 (3) of the Indian Contract Act, 1872.

Is Section 138 compoundable?

Act Is Compoundable Since Dispute Between Parties Are Of Purely Private Nature: HP HC. While exercising its inherent jurisdiction under Section 482 of the Cr. PC, the Himachal Pradesh High Court recently, allowed the compounding of offence under Section 138 of the Negotiable Instruments Act (N.I.

What is the maximum finance charge in NY?

Usury is defined as the lending of money at an exorbitant interest rate. In New York, the maximum rate of interest on a loan is 16% per annum. If a lender charges more than that, it may be liable for civil usury. Interest that is higher than 25% constitutes criminal usury.

What is NY Banking Law Section 37?

The superintendent shall at least two times in each year designate a past day as of which every bank, trust company, private banker and, in the discretion of the superintendent, a bank holding company and any non-banking subsidiary thereof shall render a periodical report of condition to him.

What is Section 200 New York Banking Law?

Section 200 of the Banking Law provides that no foreign banking corporation shall transact in New York the business of buying, selling, paying or collecting bills of exchange, or of issuing letters of credit or of receiving money for transmission or transmitting the same by draft, check, cable or otherwise, or of ...

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