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Assembly Bill A7651

2021-2022 Legislative Session

Directs the superintendent of financial services to study overdraft fees

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2021-A7651 (ACTIVE) - Details

Law Section:
Financial Services

2021-A7651 (ACTIVE) - Summary

Directs the superintendent of financial services to study overdraft fees and prepare a report to be delivered to the governor, the temporary president of the senate and the speaker of the assembly.

2021-A7651 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7651
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 19, 2021
                                ___________
 
 Introduced by M. of A. PICHARDO -- read once and referred to the Commit-
   tee on Banks
 
 AN ACT in relation to directing the superintendent of financial services
   to study overdraft fees
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. The superintendent of financial services,  or  his  or  her
 designee,  shall  conduct  a  study of overdraft fees in the state. Such
 study shall examine, but not be limited to:
   (a) the total amount of overdraft fees paid in New York;
   (b) geographical distribution of such fees;
   (c) identify any communities that have high rates  of  overdraft  fees
 and the possible reason for such high rates;
   (d)  the  percentage of overdraft fees reduced through direct or indi-
 rect negotiation; and
   (e) enumeration of consumer rights relating to fee negotiations.
   § 2. No later than twelve months after the effective date of this act,
 the superintendent of financial services, or his or her designee,  shall
 deliver  a  report  of  the  findings of the study conducted pursuant to
 section one of this act to the governor, the temporary president of  the
 senate  and  the speaker of the assembly. Such report shall be posted on
 the department of financial services' website.
   § 3. This act shall take effect immediately.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11576-01-1

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