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Assembly Bill A8270

2009-2010 Legislative Session

Requires certain institutions to notify joint tenants when certain withdrawals are made from joint accounts

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Archive: Last Bill Status - In Assembly Committee

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2009-A8270 (ACTIVE) - Details

Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd ยง675, Bank L
Versions Introduced in Other Legislative Sessions:
2011-2012: A2243
2013-2014: A3256

2009-A8270 (ACTIVE) - Summary

Requires certain institutions to notify joint tenants when more than fifty percent of the value of a joint account's withdrawals are made from joint accounts.

2009-A8270 (ACTIVE) - Bill Text download pdf 

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

                                  8270

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                              May 11, 2009
                               ___________

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

AN ACT to amend the banking law, in relation to notifying joint  tenants
  when certain withdrawals are made from joint accounts

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

  Section 1. Subdivision (c) of section 675 of the banking law, as added
by chapter 777 of the laws of 1983, is amended to read as follows:
  (c) THE BANKING ORGANIZATION, FOREIGN BANKING CORPORATION, SAVINGS AND
LOAN ASSOCIATION, OR CREDIT UNION TRANSACTING  BUSINESS  IN  THIS  STATE
SHALL  SEND WRITTEN NOTIFICATION TO ALL JOINT TENANTS OF AN ACCOUNT EACH
TIME A JOINT TENANT WITHDRAWS OR TRANSFERS AN AMOUNT EQUAL TO OR GREATER
THAN FIFTY PERCENT OF THE JOINT ACCOUNT'S TOTAL VALUE.
  (D) 1. The banking board shall promulgate and may from  time  to  time
amend  rules  and regulations which require that the joint tenants of an
account established on or after the date on which the rule or regulation
becomes effective and representing any deposit or shares governed by the
foregoing provisions of this section, shall, at the time the account  is
established  be  informed  of  the  terms  and conditions of the account
including the relationship and consequences between the parties  in  the
account  and  the  responsibilities  of  the  institution with which the
account is established.
  2. This subdivision or any rule or regulation thereunder shall not  be
deemed or construed as increasing or diminishing the rights or liability
of any person, or other entity.
  S 2. This act shall take effect immediately.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11372-01-9

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