BILL NUMBER:A9353
TITLE OF BILL: An act to amend the banking law, in relation to prohib-
iting financial institutions from charging a fee in excess of five
dollars to a customer based on account inactivity
PURPOSE OR GENERAL IDEA OF BILL:
This bill amends the banking law to prohibit financial institutions from
charging customers account inactivity fees in excess of five dollars per
year.
SUMMARY OF SPECIFIC PROVISIONS:
section one amends section 9-v of the banking law to add a provision
prohibiting financial institutions, whether headquartered within or
outside of the State of New York from charging a fee in excess of five
dollars per year to a customer based on account inactivity.
EFFECTS OF PRESENT LAW WHICH THE BILL WILL ALTER:
This bill amends section 9-v of the banking law to add a provision
prohibiting financial institutions, whether headquartered within or
outside of the State of New York from charging a fee in excess of five
dollars per year to a customer based on account inactivity.
S T A T E O F N E W Y O R K
________________________________________________________________________
9353
I N A S S E M B L Y
(PREFILED)
January 6, 2010
___________
Introduced by M. of A. GABRYSZAK, ORTIZ, CHRISTENSEN, GOTTFRIED,
PEOPLES-STOKES, FIELDS, PHEFFER, COLTON -- Multi-Sponsored by -- M. of
A. HOOPER -- read once and referred to the Committee on Banks
AN ACT to amend the banking law, in relation to prohibiting financial
institutions from charging a fee in excess of five dollars to a
customer based on account inactivity
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 9-v to
read as follows:
S 9-V. FEES BASED ON INACTIVITY PROHIBITED. NOTWITHSTANDING ANY OTHER
PROVISION OF LAW OR RULE OR REGULATION TO THE CONTRARY, NO FINANCIAL
INSTITUTION SUBJECT TO THE PROVISIONS OF THIS CHAPTER, INCLUDING ANY
BANK, TRUST COMPANY, SAVINGS BANK, SAVINGS AND LOAN ASSOCIATION, CREDIT
UNION, MORTGAGE BROKER, MORTGAGE BANKER, OR OTHER INVESTMENT ENTITY,
WHETHER HEADQUARTERED WITHIN OR OUTSIDE THE STATE, WHICH PROVIDES AN
ACCOUNT TO A CUSTOMER SHALL CHARGE A FEE IN EXCESS OF FIVE DOLLARS PER
YEAR TO SUCH CUSTOMER BASED ON ACCOUNT INACTIVITY.
S 2. This act shall take effect on the ninetieth day after it shall
have become a law.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD03296-01-9
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