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Assembly Bill A2919

2009-2010 Legislative Session

Free checking accounts for not-for-profit corporations

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Archive: Last Bill Status - In Assembly Committee

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2009-A2919 (ACTIVE) - Details

Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Add ยง14-i, Bank L

2009-A2919 (ACTIVE) - Summary

Directs the banking board to promulgate a regulation requiring banking institutions to provide type A or type B not-for-profit corporations with free checking, demand deposit or negotiable order of withdrawal accounts.

2009-A2919 (ACTIVE) - Bill Text download pdf 

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

                                  2919

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            January 21, 2009
                               ___________

Introduced by M. of A. V. LOPEZ, CLARK -- Multi-Sponsored by -- M. of A.
  ABBATE,  BRENNAN,  JACOBS,  MAYERSOHN,  SEMINERIO  --  read  once  and
  referred to the Committee on Banks

AN ACT to amend the banking law, in relation to requiring banking insti-
  tutions to offer free checking accounts, demand deposit  accounts  and
  negotiable  order  of  withdrawal  accounts  for not-for-profit corpo-
  rations

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

  Section  1. The banking law is amended by adding a new section 14-i to
read as follows:
  S 14-I. NOT-FOR-PROFIT CORPORATION; CHECKING ACCOUNTS, DEMAND  DEPOSIT
ACCOUNTS  AND NEGOTIABLE ORDER OF WITHDRAWAL ACCOUNTS. THE BANKING BOARD
SHALL PROMULGATE RULES AND REGULATIONS WHICH REQUIRE ANY BANKING  INSTI-
TUTION  OFFERING  EITHER A CHECKING ACCOUNT, DEMAND DEPOSIT ACCOUNT OR A
NEGOTIABLE ORDER OF WITHDRAWAL ACCOUNT TO ALLOW A TYPE A OR TYPE B  NOT-
FOR-PROFIT  CORPORATION  TO MAINTAIN SUCH AN ACCOUNT FREE OF ANY CHARGE.
FOR THE PURPOSES OF THIS SECTION, THE TERM "BANKING  INSTITUTION"  SHALL
MEAN  AND INCLUDE ALL BANKS, TRUST COMPANIES, SAVINGS BANKS, SAVINGS AND
LOAN ASSOCIATIONS, CREDIT UNIONS AND FOREIGN BANKING CORPORATIONS WHETH-
ER INCORPORATED, CHARTERED, ORGANIZED OR LICENSED UNDER THE LAWS OF THIS
STATE OR ANY OTHER STATE OR THE UNITED STATES.
  S 2. This act shall take effect on the one hundred eightieth day after
it shall have become a law.  Effective  immediately  the  banking  board
shall promulgate such rules and regulations as are necessary so that the
provisions of this act may be fully implemented on such date.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05726-01-9

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