| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| Jan 06, 2010 |
referred to banks |
| Jun 03, 2009 |
reported and committed to finance |
| May 19, 2009 |
print number 4607a |
| May 19, 2009 |
amend and recommit to banks |
| Apr 24, 2009 |
referred to banks |
Senate Bill S4607
2009-2010 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - In Senate Committee Banks Committee
Actions
Bill Amendments
2009-S4607 - Details
- Current Committee:
- Senate Banks
2009-S4607 - Sponsor Memo
BILL NUMBER: S4607
TITLE OF BILL :
An act to amend the banking law, in relation to requiring the
disclosure of the rights and liabilities of joint depositors
PROVISIONS :
This bill would amend Section 14-c of the Banking Law to require the
State Banking Board to prescribe criteria for the disclosure of
information relating to the rights and liabilities of holders of joint
bank accounts.
JUSTIFICATION :
Presently, the holders of joint bank accounts are often unaware of the
rights and liabilities they assume upon the opening of such an
account. Specifically, these account holders do not realize that
normally only the account holder's signature is required to gain
access to the assets therein. Often an account holder is surprised to
discover that the account has been emptied and the other joint holder
has vanished. This bill will require the State Banking Board to
prescribe criteria for the disclosure of such rights and liabilities.
The legislation instructs the Banking Board to specifically require
such information to be made in a clear and conspicuous manner.
LEGISLATIVE HISTORY :
2009-S4607 - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
4607
2009-2010 Regular Sessions
I N S E N A T E
April 24, 2009
___________
Introduced by Sens. ONORATO, BRESLIN, DILAN, HASSELL-THOMPSON, C. JOHN-
SON, KRUEGER, PARKER, PERKINS, SAMPSON, SCHNEIDERMAN, THOMPSON -- 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 the disclosure
of the rights and liabilities of joint depositors
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Legislative findings. The legislature hereby finds that
many consumers fail to fully comprehend the rights and liabilities they
assume when they establish a bank account as joint tenants. For that
reason, the legislature declares that the state banking department shall
promulgate rules and regulations to provide for the full and public
disclosure by banking institutions of such rights and liabilities at the
opening of such an account.
S 2. Section 14-c of the banking law, as added by chapter 19 of the
laws of 1978 and the opening paragraph of subdivision 1 as amended by
chapter 9 of the laws of 1996, is amended to read as follows:
S 14-c. Power of the banking board to prescribe criteria for disclo-
sure of information on savings and time accounts. 1. The banking board
shall promulgate rules and regulations with respect to the disclosure of
information on savings and time accounts by all banking organizations
and out-of-state state banks authorized to operate and maintain branches
pursuant to article five-C of this chapter. Such rules and regulations
shall set forth guidelines for, but not be limited to the following:
(a) disclosure of the annual rate of simple interest; the effective
annual yield; the formula used in calculating interest; the frequency of
compounding and crediting of interest; date on which a deposit begins to
earn interest; any delay in crediting a deposited instrument; grace
periods for deposits and withdrawals; the minimum balance required to
earn interest; the method of determining the balance on which interest
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD03641-01-9
co-Sponsors
(D, WF) Senate District
(D) Senate District
(D, WF) Senate District
(D) Senate District
2009-S4607A (ACTIVE) - Details
- Current Committee:
- Senate Banks
2009-S4607A (ACTIVE) - Sponsor Memo
BILL NUMBER: S4607A
TITLE OF BILL :
An act to amend the banking law, in relation to requiring the
disclosure of the rights and liabilities of joint depositors
PROVISIONS :
This bill would amend Section 14-c of the Banking Law to require the
State Banking Board to prescribe criteria for the disclosure of
information relating to the rights and liabilities of holders of joint
bank and checking accounts.
JUSTIFICATION :
Presently, the holders of joint bank and checking accounts are often
unaware of the rights and liabilities they assume upon the opening of
such an account. Specifically, these account holders do not realize
that normally only the account holder's signature is required to gain
access to the assets therein. Often an account holder is surprised to
discover that the account has been emptied and the other joint holder
has vanished. This bill will require the State Banking Board to
prescribe criteria for the disclosure of such rights and liabilities.
The legislation instructs the Banking Board to specifically require
such information to be made in a clear and conspicuous manner.
LEGISLATIVE HISTORY :
2009-S4607A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
4607--A
2009-2010 Regular Sessions
I N S E N A T E
April 24, 2009
___________
Introduced by Sens. ONORATO, BRESLIN, DILAN, HASSELL-THOMPSON, C. JOHN-
SON, KRUEGER, PARKER, PERKINS, SAMPSON, SCHNEIDERMAN, THOMPSON -- read
twice and ordered printed, and when printed to be committed to the
Committee on Banks -- committee discharged, bill amended, ordered
reprinted as amended and recommitted to said committee
AN ACT to amend the banking law, in relation to requiring the disclosure
of the rights and liabilities of joint depositors
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Legislative findings. The legislature hereby finds that
many consumers fail to fully comprehend the rights and liabilities they
assume when they establish a bank account as joint tenants. For that
reason, the legislature declares that the state banking department shall
promulgate rules and regulations to provide for the full and public
disclosure by banking institutions of such rights and liabilities at the
opening of such an account.
S 2. Section 14-c of the banking law, as added by chapter 19 of the
laws of 1978 and the opening paragraph of subdivision 1 as amended by
chapter 9 of the laws of 1996, is amended to read as follows:
S 14-c. Power of the banking board to prescribe criteria for disclo-
sure of information on savings, CHECKING, and time accounts. 1. The
banking board shall promulgate rules and regulations with respect to the
disclosure of information on savings, CHECKING, and time accounts by all
banking organizations and out-of-state state banks authorized to operate
and maintain branches pursuant to article five-C of this chapter. Such
rules and regulations shall set forth guidelines for, but not be limited
to the following:
(a) disclosure of the annual rate of simple interest; the effective
annual yield; the formula used in calculating interest; the frequency of
compounding and crediting of interest; date on which a deposit begins to
earn interest; any delay in crediting a deposited instrument; grace
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD03641-02-9
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