Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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---|---|
Jan 06, 2016 |
referred to banks |
Senate Bill S6241
2015-2016 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - In Senate Committee Banks Committee
- Introduced
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- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
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- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
co-Sponsors
(D) 14th Senate District
2015-S6241 (ACTIVE) - Details
2015-S6241 (ACTIVE) - Sponsor Memo
BILL NUMBER: S6241 TITLE OF BILL : An act to amend the banking law, in relation to requiring banks to post notices of basic banking services available PURPOSE : To remedy financial institutions' lack of adequate advertising of lifeline basic banking accounts, by requiring banks to post notices of basic banking services. SUMMARY OF SPECIFIC PROVISIONS : This bill amends subdivision 8 of section 14-f of the Banking Law, providing that banks shall post notices near entrances and exits of information regarding their basic banking accounts, including information concerning initial deposits, minimum balances, maximum fees, and withdrawal limitations. JUSTIFICATION : New York State's basic banking law went into effect in 1994. The law requires financial institutions to offer no frills basic banking services to consumers. The law was designed to make low-cost checking
2015-S6241 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6241 I N S E N A T E (PREFILED) January 6, 2016 ___________ Introduced by Sen. HAMILTON -- read twice and ordered printed, and when printed to be committed to the Committee on Banks AN ACT to amend the banking law, in relation to requiring banks to post notices of basic banking services available THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 8 of section 14-f of the banking law, as added by chapter 1 of the laws of 1994, is amended to read as follows: 8. [Where a] A banking institution [posts in the public area of its offices notice of the availability of its other consumer transaction accounts, it] shall [also] post [equally] conspicuous notice in [such] public areas [and in the same manner] NEAR CUSTOMER EXITS AND ENTRANCES REGARDING the availability of its basic banking accounts INCLUDING INFORMATION CONCERNING MINIMUM BALANCES, INITIAL DEPOSITS, MAXIMUM FEES CHARGEABLE AND LIMITATIONS ON WITHDRAWAL TRANSACTIONS. Where a banking institution makes available in such public areas material describing the terms of its other consumer transaction accounts, it shall also make comparable descriptive material available in the same such areas and in the same manner for its basic banking account. S 2. This act shall take effect on the thirtieth day after it shall have become a law. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD03747-01-5
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