Do you support this bill?

Senate Bill S1055C

2009-2010 Legislative Session

Relates to preauthorized electronic fund transfers

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

Votes

Bill Amendments

2009-S1055 - Details

See Assembly Version of this Bill:
A10401
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd §9-s, Bank L
Versions Introduced in 2011-2012 Legislative Session:
S219, A5298

2009-S1055 - 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-S1055 - Sponsor Memo

2009-S1055 - Bill Text download pdf

co-Sponsors

2009-S1055A - Details

See Assembly Version of this Bill:
A10401
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd §9-s, Bank L
Versions Introduced in 2011-2012 Legislative Session:
S219, A5298

2009-S1055A - 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-S1055A - Sponsor Memo

2009-S1055A - Bill Text download pdf 

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

                                 1055--A

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                            January 22, 2009
                               ___________

Introduced  by  Sens. MAZIARZ, BONACIC, FLANAGAN, FUSCHILLO, O. JOHNSON,
  PADAVAN, RANZENHOFER, SEWARD -- 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 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 TEN 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.
  S 2. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01224-02-9

co-Sponsors

2009-S1055B - Details

See Assembly Version of this Bill:
A10401
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd §9-s, Bank L
Versions Introduced in 2011-2012 Legislative Session:
S219, A5298

2009-S1055B - 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-S1055B - Sponsor Memo

2009-S1055B - Bill Text download pdf 

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

                                 1055--B

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                            January 22, 2009
                               ___________

Introduced  by  Sens. MAZIARZ, BONACIC, FLANAGAN, FUSCHILLO, O. JOHNSON,
  PADAVAN, RANZENHOFER, SEWARD -- 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 -- recommitted to the Committee on Banks in  accord-
  ance with Senate Rule 6, sec. 8 -- committee discharged, bill amended,
  ordered reprinted as amended and recommitted to said committee

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.
  S 2. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

co-Sponsors

2009-S1055C (ACTIVE) - Details

See Assembly Version of this Bill:
A10401
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd §9-s, Bank L
Versions Introduced in 2011-2012 Legislative Session:
S219, A5298

2009-S1055C (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-S1055C (ACTIVE) - Sponsor Memo

2009-S1055C (ACTIVE) - Bill Text download pdf 

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

                                 1055--C
    Cal. No. 108

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                            January 22, 2009
                               ___________

Introduced  by  Sens. MAZIARZ, BONACIC, FLANAGAN, FUSCHILLO, O. JOHNSON,
  PADAVAN, RANZENHOFER, SEWARD -- 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 -- recommitted to the Committee on Banks in  accord-
  ance with Senate Rule 6, sec. 8 -- committee discharged, bill amended,
  ordered  reprinted  as  amended  and  recommitted to said committee --
  reported favorably from said committee, ordered to  first  and  second
  report,  ordered  to  a  third reading, amended and ordered reprinted,
  retaining its place in the order of third reading

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.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01224-05-0

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.