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Assembly Bill A5298

2011-2012 Legislative Session

Relates to preauthorized electronic fund transfers

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2011-A5298 (ACTIVE) - Details

See Senate Version of this Bill:
S219
Law Section:
Banking Law
Laws Affected:
Amd ยง9-s, Bank L
Versions Introduced in 2009-2010 Legislative Session:
A10401, S1055

2011-A5298 (ACTIVE) - Summary

Provides that no agreement for preauthorized electronic fund transfers entered into on or after January first, two thousand twelve shall permit or require the transfer of any amount as a penalty or final payment after a stop payment notice has been given.

2011-A5298 (ACTIVE) - Bill Text download pdf 

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

                                  5298

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                            February 15, 2011
                               ___________

Introduced  by  M.  of A. TOWNS, M. MILLER, CERETTO, PHEFFER, SCHROEDER,
  GIBSON, GUNTHER -- Multi-Sponsored by -- M. of A. DenDEKKER,  GOODELL,
  MAGEE, MARKEY -- read once and referred to the Committee on Banks

AN ACT to amend the banking law, in relation to preauthorized electronic
  fund transfers

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

  Section 1. Section 9-s of the banking law, as added by chapter 550  of
the laws of 1998, is amended to read as follows:
  S  9-s.  Preauthorized  electronic  fund transfers.   1. Every banking
institution which provides preauthorized electronic fund transfers  from
consumer  accounts  shall, in accordance with regulations adopted by the
banking board, provide consumers with  the  right  to  stop  payment  by
giving written or oral notice within a specified period of time prior to
such  transfer.  [Any  banking  institution which complies with the stop
payment provisions of the federal Electronic Funds Transfer Act, as such
act may be amended from time to time, and any regulations adopted pursu-
ant thereto, shall be deemed to be in compliance with the provisions  of
this section.] For purposes of this section, "banking institution" shall
mean any state or federally chartered bank, trust company, savings bank,
savings  and  loan  association  or credit union, and "consumer account"
shall mean an account used primarily for personal, family  or  household
purposes.
  2.  NO  AGREEMENT  FOR PREAUTHORIZED ELECTRONIC FUND TRANSFERS ENTERED
INTO ON OR AFTER JANUARY FIRST, TWO  THOUSAND  TWELVE  SHALL  PERMIT  OR
REQUIRE  THE  TRANSFER FROM A CONSUMER ACCOUNT OF ANY FUNDS AS A PENALTY
OR A FINAL PAYMENT AFTER THE CONSUMER HAS GIVEN WRITTEN OR  ORAL  NOTICE
TO STOP PAYMENT TO HIS OR HER FINANCIAL INSTITUTION.
  3.  ANY  BANKING  INSTITUTION  WHICH  COMPLIES  WITH  THE STOP PAYMENT
PROVISIONS OF THE FEDERAL ELECTRONIC FUNDS TRANSFER ACT, AS SUCH ACT MAY
BE AMENDED FROM TIME TO TIME, AND ANY REGULATIONS ADOPTED PURSUANT THER-
ETO, SHALL BE DEEMED TO BE IN COMPLIANCE WITH  THE  PROVISIONS  OF  THIS
SECTION.
  S 2. This act shall take effect immediately.

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