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Assembly Bill A3014

2011-2012 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 Assembly Committee

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2011-A3014 (ACTIVE) - Details

Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd ยง9-g, Bank L
Versions Introduced in 2009-2010 Legislative Session:
A2304

2011-A3014 (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.

2011-A3014 (ACTIVE) - Bill Text download pdf 

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

                                  3014

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                            January 21, 2011
                               ___________

Introduced  by M. of A. SCHROEDER, J. RIVERA, COOK -- Multi-Sponsored by
  -- M. of A. JEFFRIES -- read once and referred  to  the  Committee  on
  Banks

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.
                                                           LBD06769-01-1

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