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Assembly Bill A785

2013-2014 Legislative Session

Requires banks to send account notifications in certain circumstances

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Archive: Last Bill Status - In Assembly Committee

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2013-A785 (ACTIVE) - Details

Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Add ยงยง135 & 458, Bank L
Versions Introduced in Other Legislative Sessions:
2011-2012: A9250
2015-2016: A3224
2017-2018: A5413
2019-2020: A4023
2021-2022: A8914
2023-2024: A1478
2025-2026: A1721

2013-A785 (ACTIVE) - Summary

Requires banks to send account notifications in certain circumstances.

2013-A785 (ACTIVE) - Bill Text download pdf 

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

                                   785

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced by M. of A. WEPRIN -- read once and referred to the Committee
  on Banks

AN ACT to amend the banking law, in relation to requiring banks to noti-
  fy customers of account overdrafts in certain circumstances

  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  135  to
read as follows:
  S  135.  ACCOUNT  NOTIFICATIONS.  1. WHERE A BANKING INSTITUTION UNDER
THIS ARTICLE OFFERS ITS CUSTOMERS OR DEPOSITORS OVERDRAFT PROTECTION, OR
ANY OTHER SIMILAR SERVICE WHEREIN THE BANKING INSTITUTION CHARGES A  FEE
TO  PREVENT  ACCOUNT  PENALTIES FOR INSUFFICIENT FUNDS, SUCH INSTITUTION
SHALL NOTIFY  SUCH  CUSTOMER  OR  DEPOSITOR  WHENEVER  SUCH  SERVICE  IS
EMPLOYED TO PREVENT ACCOUNT PENALTIES.
  2. A BANKING INSTITUTION SHALL IMMEDIATELY NOTIFY A CUSTOMER OR DEPOS-
ITOR  OF  THE  INSUFFICIENCY  OF  FUNDS  IN SUCH INDIVIDUAL'S ACCOUNT OR
ACCOUNTS VIA ELECTRONIC MAIL, OR IF THE INDIVIDUAL PREFERS, THROUGH  ANY
OTHER  METHOD  OF  NOTIFICATION.  SUCH NOTIFICATION SHALL STATE THAT THE
BANK'S OVERDRAFT SERVICE HAS GONE INTO EFFECT AND SHALL  LIST  ANY  FEES
AND PENALTIES ASSOCIATED WITH SUCH SERVICE.
  S 2. The banking law is amended by adding a new section 458 to read as
follows:
  S  458.  ACCOUNT  NOTIFICATIONS.  1. WHERE A BANKING INSTITUTION UNDER
THIS ARTICLE OFFERS ITS CUSTOMERS OR DEPOSITORS OVERDRAFT PROTECTION, OR
ANY OTHER SIMILAR SERVICE WHEREIN THE BANKING INSTITUTION CHARGES A  FEE
TO  PREVENT  ACCOUNT  PENALTIES FOR INSUFFICIENT FUNDS, SUCH INSTITUTION
SHALL NOTIFY  SUCH  CUSTOMER  OR  DEPOSITOR  WHENEVER  SUCH  SERVICE  IS
EMPLOYED TO PREVENT ACCOUNT PENALTIES.
  2. A BANKING INSTITUTION SHALL IMMEDIATELY NOTIFY A CUSTOMER OR DEPOS-
ITOR  OF  THE  INSUFFICIENCY  OF  FUNDS  IN SUCH INDIVIDUAL'S ACCOUNT OR

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

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