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Senate Bill S8301

2009-2010 Legislative Session

Alters provisions with respect to the right of set off by banks with respect to social security or supplemental security income deposits

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Archive: Last Bill Status - In Senate Committee Rules Committee

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2009-S8301 (ACTIVE) - Details

See Assembly Version of this Bill:
A2304
Current Committee:
Senate Rules
Law Section:
Banking Law
Laws Affected:
Amd ยง9-g, Bank L
Versions Introduced in 2011-2012 Legislative Session:
A3014

2009-S8301 (ACTIVE) - Summary

Provides that a banking institution may claim the right of set off against a deposit account if notice of the set off together with the reasons for the set off are mailed to the depositor prior to such action; provides that failure to provide such notice shall result in the forfeiture of the right of set off against the depositor.

2009-S8301 (ACTIVE) - Sponsor Memo

2009-S8301 (ACTIVE) - Bill Text download pdf 

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

                                  8301

                            I N  S E N A T E

                              June 21, 2010
                               ___________

Introduced  by  Sen.  STACHOWSKI  -- read twice and ordered printed, and
  when printed to be committed to the Committee on Rules

AN ACT to amend the banking law, in relation to the right of set off

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

  Section  1. Subdivisions 2 and 3 of section 9-g of the banking law, as
added by chapter 10 of the laws of 1980, are amended to read as follows:
  2.  No banking institution shall assert, claim or exercise  any  right
of set off against any other deposit account held by such banking insti-
tution  unless,  prior  to [or on the same business day of] such action,
notice of the set off together with the reasons  for  the  set  off  are
mailed to the depositor.
  3.   Failure to provide the notice required by this section shall [not
be deemed to affect the validity] RESULT IN THE FORFEITURE of the  right
of set off WHICH WOULD HAVE RESULTED HAD PROPER NOTICE BEEN PROVIDED.
  S 2. This act shall take effect immediately.







 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03278-03-0

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