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Assembly Bill A171

2009-2010 Legislative Session

Provides that maturity notices shall include an itemized listing of the dollar amount in the account, the holder's name and the interest being earned

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Archive: Last Bill Status - On Floor Calendar

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2009-A171 (ACTIVE) - Details

Law Section:
Banking Law
Laws Affected:
Amd §389, add §§245-a & 460-a, Bank L

2009-A171 (ACTIVE) - Summary

Provides that maturity notices shall include an itemized listing of the dollar amount in the account, the holder's name and the interest being earned.

2009-A171 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                   171

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 7, 2009
                               ___________

Introduced  by  M.  of A. JEFFRIES, COLTON, PERRY, WRIGHT -- Multi-Spon-
  sored by -- M. of A.  HYER-SPENCER -- read once and  referred  to  the
  Committee on Banks

AN ACT to amend the banking law, in relation to maturity notices

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 389 of the banking law, as amended by  chapter  341
of the laws of 1939, is amended to read as follows:
  S  389.  Matured  shares; conversion into shares of another class upon
notice. 1. Whenever the dues and dividends  credited  to  instalment  or
accumulative  prepaid  shares shall equal their matured value, notice of
such maturity shall be given to the holders thereof and the  payment  of
dues  thereon  shall cease.   Such notice shall be mailed to such share-
holder at his last known address as it appears on the books of the asso-
ciation and, in the discretion of the board of directors, may contain  a
further  provision  that if such shareholder fails to accept payment for
such shares, convert such shares into shares of another class or file an
application to withdraw such shares within sixty days after the  mailing
of  such notice, the same will be converted into another class of shares
specified in such  notice.    If  such  additional  provision  has  been
included  in such notice and the shareholder fails or neglects to accept
payment for such shares, convert such  shares  into  shares  of  another
class  or file an application to withdraw such shares, within such sixty
days, the board of directors may, by  resolution,  convert  such  shares
into  the  class of shares specified in such notice.  For the purpose of
maturing such shares, a special dividend may be credited between regular
dividend dates at the same rate at which the last regular  dividend  was
credited.    When shares pledged to the association mature, the value of
such shares shall, to the extent of the obligation for  which  they  are
pledged,  be  applied in payment thereof.  Any remaining balance of such

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

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