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Senate Bill S739

2011-2012 Legislative Session

Requires notice to renters of safe deposit boxes regarding fees and charges

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Archive: Last Bill Status - In Senate Committee Banks Committee

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2011-S739 (ACTIVE) - Details

See Assembly Version of this Bill:
A7018
Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Add ยง339, Bank L
Versions Introduced in Other Legislative Sessions:
2009-2010: S8066, A10918
2013-2014: S225, A5580
2015-2016: S191, A4432

2011-S739 (ACTIVE) - Summary

Requires notice to renters of safe deposit boxes regarding fees and charges.

2011-S739 (ACTIVE) - Sponsor Memo

2011-S739 (ACTIVE) - Bill Text download pdf 

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

                                   739

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 5, 2011
                               ___________

Introduced  by Sen. SQUADRON -- 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  notice  to
  renters of safe deposit boxes regarding fees and charges

  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  339  to
read as follows:
  S  339.  NOTICE  TO  RENTERS  OF SAFE DEPOSIT BOXES REGARDING FEES AND
CHARGES. 1. ANY BANKING  ORGANIZATION  OR  SAFE  DEPOSIT  COMPANY  WHICH
OFFERS SAFE DEPOSIT BOXES FOR RENT SHALL PROVIDE IN THE RENTAL AGREEMENT
REQUIRED  PURSUANT TO SECTION THREE HUNDRED THIRTY-EIGHT OF THIS ARTICLE
A SCHEDULE OF ALL FEES AND CHARGES APPLICABLE TO THE RENTAL OF SUCH SAFE
DEPOSIT BOX IN AT LEAST FOURTEEN POINT TYPE. ALL SUCH FEES  AND  CHARGES
IMPOSED UPON LESSEES OF SAFE DEPOSIT BOXES SHALL BE DEEMED REASONABLE BY
THE SUPERINTENDENT.
  2.  ANY BANKING ORGANIZATION OR SAFE DEPOSIT COMPANY WHICH OFFERS SAFE
DEPOSIT BOXES FOR RENT SHALL INCLUDE IN ITS ANNUAL REPORT TO THE  SUPER-
INTENDENT REQUIRED PURSUANT TO SECTION THREE HUNDRED TWENTY-NINE OF THIS
CHAPTER  A  SCHEDULE  OF ALL FEES AND CHARGES IMPOSED ON LESSEES FOR THE
RENTAL OF SAFE DEPOSIT BOXES.
  3. NO RENTAL AGREEMENT FOR THE RENTAL OF  A  SAFE  DEPOSIT  BOX  SHALL
IMPOSE  ANY  FEE  OR CHARGE UPON A LESSEE, OR ANYONE WHO WOULD OTHERWISE
HAVE ACCESS TO SUCH SAFE DEPOSIT BOX, FOR GAINING ACCESS  TO  SUCH  SAFE
DEPOSIT  BOX WHERE AN ACT OF GOD, COMMON DISASTER OR EMERGENCY SITUATION
HAS OCCURRED RENDERING THE LESSEE UNABLE TO  ACCESS  SUCH  SAFE  DEPOSIT
BOX.    THE  SUPERINTENDENT  SHALL  PROMULGATE  ANY RULES OR REGULATIONS
NECESSARY FOR CARRYING OUT THE PROVISIONS OF THIS SECTION.
  S 2. This act shall take effect immediately and  shall  apply  to  all
safe deposit box rental agreements entered into on or after such date.

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

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