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Assembly Bill A10401

2009-2010 Legislative Session

Relates to preauthorized electronic fund transfers

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Archive: Last Bill Status - In Assembly Committee

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2009-A10401 (ACTIVE) - Details

See Senate Version of this Bill:
S1055
Current Committee:
Assembly Codes
Law Section:
Banking Law
Laws Affected:
Amd ยง9-s, Bank L
Versions Introduced in 2011-2012 Legislative Session:
A5298, S219

2009-A10401 (ACTIVE) - Summary

Provides that no agreement for preauthorized electronic fund transfers entered into on or after January first, two thousand eleven shall permit or require the transfer of any amount as a penalty or final payment after a stop payment notice has been given.

2009-A10401 (ACTIVE) - Sponsor Memo

2009-A10401 (ACTIVE) - Bill Text download pdf 

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

                                  10401

                          I N  A S S E M B L Y

                             March 23, 2010
                               ___________

Introduced  by  M.  of  A.  TOWNS,  SCARBOROUGH, BARRON, GIBSON, REILLY,
  JACOBS, JAFFEE, STIRPE, RAIA, PHEFFER, CHRISTENSEN,  TITONE,  REILICH,
  MENG,  FIELDS, SKARTADOS, JOHN, JEFFRIES, SPANO, CASTRO -- Multi-Spon-
  sored by -- M. of A. CAHILL, CRESPO, DelMONTE,  GABRYSZAK,  GOTTFRIED,
  GUNTHER,  HIKIND,  MAGEE, MARKEY, McENENY, RUSSELL, WEISENBERG -- read
  once and referred to the Committee on Banks

AN ACT to amend the banking law, in relation to preauthorized electronic
  fund transfers

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

  Section  1. Section 9-s of the banking law, as added by chapter 550 of
the laws of 1998, is amended to read as follows:
  S 9-s. Preauthorized electronic fund  transfers.    1.  Every  banking
institution  which provides preauthorized electronic fund transfers from
consumer accounts shall, in accordance with regulations adopted  by  the
banking  board,  provide  consumers  with  the  right to stop payment by
giving written or oral notice within a specified period of time prior to
such transfer. [Any banking institution which  complies  with  the  stop
payment provisions of the federal Electronic Funds Transfer Act, as such
act may be amended from time to time, and any regulations adopted pursu-
ant  thereto, shall be deemed to be in compliance with the provisions of
this section.] For purposes of this section, "banking institution" shall
mean any state or federally chartered bank, trust company, savings bank,
savings and loan association or credit  union,  and  "consumer  account"
shall  mean  an account used primarily for personal, family or household
purposes.
  2. NO AGREEMENT FOR PREAUTHORIZED ELECTRONIC  FUND  TRANSFERS  ENTERED
INTO  ON  OR  AFTER  JANUARY  FIRST, TWO THOUSAND ELEVEN SHALL PERMIT OR
REQUIRE THE TRANSFER FROM A CONSUMER ACCOUNT OF ANY FUNDS AS  A  PENALTY
OR  A  FINAL PAYMENT AFTER THE CONSUMER HAS GIVEN WRITTEN OR ORAL NOTICE
TO STOP PAYMENT TO HIS OR HER FINANCIAL INSTITUTION.
  3. ANY BANKING  INSTITUTION  WHICH  COMPLIES  WITH  THE  STOP  PAYMENT
PROVISIONS OF THE FEDERAL ELECTRONIC FUNDS TRANSFER ACT, AS SUCH ACT MAY
BE AMENDED FROM TIME TO TIME, AND ANY REGULATIONS ADOPTED PURSUANT THER-
ETO,  SHALL  BE  DEEMED  TO BE IN COMPLIANCE WITH THE PROVISIONS OF THIS
SECTION.
  S 2. This act shall take effect immediately.

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