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Assembly Bill A4976

2009-2010 Legislative Session

Makes it unlawful for depositor who is not an account holder to withdraw funds from an account electronically without the account holder's written consent

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Archive: Last Bill Status - In Assembly Committee

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2009-A4976 (ACTIVE) - Details

Current Committee:
Assembly Banks
Law Section:
Uniform Commercial Code
Laws Affected:
Add ยง4-A-109, UCC

2009-A4976 (ACTIVE) - Summary

Makes it unlawful for depositor who is not an account holder to withdraw from an account electronically without the account holder's express, written consent for each individual withdrawal.

2009-A4976 (ACTIVE) - Bill Text download pdf 

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

                                  4976

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            February 10, 2009
                               ___________

Introduced  by M. of A. BRODSKY -- read once and referred to the Commit-
  tee on Banks

AN ACT to amend the uniform commercial code, in relation  to  withdrawal
  of funds electronically

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

  Section 1. The uniform commercial code is  amended  by  adding  a  new
section 4-A-109 to read as follows:
SECTION 4-A-109. WITHDRAWAL OF FUNDS ELECTRONICALLY.
  (1) AS USED IN THIS SECTION, THE TERM "DEPOSITOR" MEANS ANY PERSON WHO
HAS RECEIVED WRITTEN AUTHORIZATION TO DEPOSIT FUNDS ELECTRONICALLY.
  (2) IT SHALL BE UNLAWFUL FOR A DEPOSITOR WHO IS NOT THE ACCOUNT HOLDER
TO  WITHDRAW  FUNDS FROM A DIRECT DEPOSIT ACCOUNT ELECTRONICALLY WITHOUT
THE EXPRESS, WRITTEN CONSENT OF THE ACCOUNT HOLDER FOR  EACH  INDIVIDUAL
WITHDRAWAL.
  S  2.  This  act  shall take effect on the sixtieth day after it shall
have become a law.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08658-01-9

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