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Senate Bill S3314

2009-2010 Legislative Session

Requires the use of plain language in the description of checking account procedures and processes

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Archive: Last Bill Status - In Senate Committee Banks Committee

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2009-S3314 (ACTIVE) - Details

Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Add §9-v, Bank L

2009-S3314 (ACTIVE) - Summary

Requires the use of plain language in the description of checking account procedures and processes including disclosure regarding interest rates, minimum balances and fees.

2009-S3314 (ACTIVE) - Sponsor Memo

2009-S3314 (ACTIVE) - Bill Text download pdf 

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

                                  3314

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                             March 16, 2009
                               ___________

Introduced  by  Sen.  OPPENHEIMER -- 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  use  of
  plain  language  in the description of checking account procedures and
  processes

  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. REQUIREMENTS FOR USE OF PLAIN LANGUAGE IN CERTAIN BANK  ACCOUNT
LITERATURE.  1.  NOTWITHSTANDING  ANY OTHER PROVISION OF THIS CHAPTER OR
LAW TO THE CONTRARY, THE TERM "BANKING INSTITUTION" WHEN  USED  IN  THIS
SECTION  SHALL  MEAN  AND  INCLUDE  ALL  BANKS, TRUST COMPANIES, SAVINGS
BANKS, SAVINGS AND LOAN ASSOCIATIONS, CREDIT UNIONS,  MORTGAGE  BANKERS,
EXEMPT  ORGANIZATIONS AS DEFINED IN ARTICLE TWELVE-D OF THIS CHAPTER AND
FOREIGN BANKING CORPORATIONS WHETHER INCORPORATED, CHARTERED,  ORGANIZED
OR  LICENSED  UNDER  THE  LAWS  OF  THIS STATE OR ANY OTHER STATE OF THE
UNITED STATES.
  2. ANY BANKING INSTITUTION AND ANY OTHER FINANCIAL  INSTITUTION  WHICH
OFFERS  CONSUMER  ACCOUNTS,  MEANING  ACCOUNTS  ESTABLISHED  BY  NATURAL
PERSONS PRIMARILY FOR PERSONAL, FAMILY OR HOUSEHOLD PURPOSES, WHICH  CAN
BE  ACCESSED  BY CHECK, NEGOTIABLE ORDER OF WITHDRAWAL, OR OTHER SIMILAR
WRITTEN INSTRUMENT, SHALL DISTRIBUTE TO EVERY CUSTOMER OPENING  SUCH  AN
ACCOUNT AN INFORMATIONAL LEAFLET DESCRIBING ALL PROCEDURES AND PROCESSES
INVOLVED  WITH  SUCH  ACCOUNT.  SUCH  LEAFLET  SHALL CONTAIN INFORMATION
REGARDING TERMS AND CONDITIONS OF SUCH ACCOUNT INCLUDING, BUT NOT LIMIT-
ED TO, THE RATE OF INTEREST THEREON, IF ANY; HOW AND  WHEN  INTEREST  IS
CREDITED;  CONDITIONS  UNDER  WHICH  THAT RATE OF INTEREST IS SUBJECT TO
CHANGE; MINIMUM BALANCE REQUIREMENTS NEEDED TO RECEIVE INTEREST; MINIMUM
BALANCE NEEDED TO BE MAINTAINED TO AVOID A  SERVICE  CHARGE;  ANY  CHECK
CHARGES,  OVERDRAFT  PROTECTION  AND PENALTIES, CHECK PRINTING FEES; ANY

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09286-01-9

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