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Assembly Bill A2795

2011-2012 Legislative Session

Requires financial institutions to notify a customer prior to charging a fee based on account inactivity

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Archive: Last Bill Status - On Floor Calendar

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2011-A2795 (ACTIVE) - Details

Law Section:
Banking Law
Laws Affected:
Add ยง9-v, Bank L
Versions Introduced in Other Legislative Sessions:
2009-2010: A9352, A3134
2013-2014: A2549, A8692
2015-2016: A3062
2017-2018: A7740
2019-2020: A1935, A9140

2011-A2795 (ACTIVE) - Summary

Requires financial institutions to notify a customer thirty days prior to charging a fee based on account inactivity; such notice shall include a telephone number and the full contact information of a representative of the financial institution responsible for resolving any matter relating to the fee.

2011-A2795 (ACTIVE) - Bill Text download pdf 

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

                                  2795

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                            January 20, 2011
                               ___________

Introduced  by  M.  of  A. GABRYSZAK, ORTIZ, CAHILL, MAYERSOHN, BOYLAND,
  PHEFFER, COLTON -- Multi-Sponsored by -- M. of A. FARRELL,  McDONOUGH,
  PEOPLES-STOKES -- read once and referred to the Committee on Banks

AN  ACT  to  amend  the  banking law, in relation to requiring financial
  institutions to notify a customer prior to charging  a  fee  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; NOTIFICATION. NOTWITHSTANDING ANY
OTHER PROVISION OF LAW OR RULE OR REGULATION TO THE CONTRARY, ANY FINAN-
CIAL 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 PROVIDE WRITTEN  NOTICE  OF  THE
PENDING  CHARGES  TO  A  CUSTOMER  THIRTY DAYS PRIOR TO CHARGING ANY FEE
BASED ON ACCOUNT INACTIVITY.  SUCH  NOTICE  SHALL  INCLUDE  A  TELEPHONE
NUMBER  AND  FULL CONTACT INFORMATION FOR A REPRESENTATIVE OF THE FINAN-
CIAL INSTITUTION RESPONSIBLE FOR RESOLVING ANY MATTER  RELATING  TO  THE
FEE.
  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.
                                                           LBD07708-01-1

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