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Assembly Bill A5781

2013-2014 Legislative Session

Prohibits banking institutions from withholding insurance payment funds from a customer in excess of an amount equal to the institution's investment in the property

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Archive: Last Bill Status - In Assembly Committee

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2013-A5781 (ACTIVE) - Details

Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Add ยง667, Bank L

2013-A5781 (ACTIVE) - Summary

Prohibits banking institutions from withholding insurance payment funds from a customer in excess of an amount equal to the institution's investment in the property.

2013-A5781 (ACTIVE) - Bill Text download pdf 

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

                                  5781

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                              March 6, 2013
                               ___________

Introduced  by M. of A. WEISENBERG, LAVINE, GUNTHER, SCARBOROUGH, ORTIZ,
  COLTON -- Multi-Sponsored by -- M. of A. ARROYO, BORELLI, COOK, ENGLE-
  BRIGHT, HENNESSEY, KEARNS, MILLER, MILLMAN, RIVERA --  read  once  and
  referred to the Committee on Banks

AN ACT to amend the banking law, in relation to the release of insurance
  payment funds

  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  667  to
read as follows:
  S 667. UNAUTHORIZED WITHHOLDING OF FUNDS. IT SHALL BE UNLAWFUL FOR ANY
ENTITY  SUBJECT TO THE PROVISIONS OF THIS CHAPTER TO WITHHOLD FUNDS FROM
A CUSTOMER'S INSURANCE CLAIM PAYMENT IN  EXCESS  OF  THE  PERCENTAGE  OF
THEIR EQUITY IN THE CUSTOMER'S PROPERTY. THE ENTITY MAY ONLY WITHHOLD AN
AMOUNT  OF  SUCH  FUNDS  EQUAL  TO THE PERCENTAGE OF THEIR EQUITY IN THE
PROPERTY.
  S 2. This act shall take effect on the thirtieth day  after  it  shall
have become a law.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08924-02-3

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