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Assembly Bill A3359

2011-2012 Legislative Session

Prohibits financial institutions from charging a fee in excess of five dollars to a customer based on account inactivity

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Archive: Last Bill Status - In Assembly Committee

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2011-A3359 (ACTIVE) - Details

Current Committee:
Assembly Codes
Law Section:
Banking Law
Laws Affected:
Add ยง9-v, Bank L
Versions Introduced in Other Legislative Sessions:
2009-2010: A9353, A3355
2013-2014: A2548, A8691
2015-2016: A3060
2017-2018: A3764

2011-A3359 (ACTIVE) - Summary

Prohibits financial institutions from charging a fee to a customer based on account inactivity.

2011-A3359 (ACTIVE) - Bill Text download pdf 

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

                                  3359

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                            January 25, 2011
                               ___________

Introduced  by  M.  of  A.  GABRYSZAK, ORTIZ, GOTTFRIED, PEOPLES-STOKES,
  PHEFFER, COLTON -- Multi-Sponsored by -- M. of A. HOOPER, McDONOUGH --
  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.
                                                           LBD07709-01-1

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