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Assembly Bill A8692A

2013-2014 Legislative Session

Requires financial institutions to notify a customer prior to charging a fee based on account inactivity

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Archive: Last Bill Status - On Floor Calendar

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Bill Amendments

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2013-A8692 - Details

Law Section:
Banking Law
Laws Affected:
Add §9-v, Bank L
Versions Introduced in Other Legislative Sessions:
2009-2010: A9352, A3134
2011-2012: A2795
2015-2016: A3062
2017-2018: A7740
2019-2020: A1935, A9140

2013-A8692 - Summary

Requires financial institutions to notify a customer thirty days prior to charging a fee based on account inactivity; requires such notice to include a telephone number and the full contact information of a representative of the financial institution responsible for resolving any matter relating to the fee.

2013-A8692 - Bill Text download pdf 

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

                                  8692

                          I N  A S S E M B L Y

                            February 3, 2014
                               ___________

Introduced by M. of A. ROBINSON -- read once and referred to the Commit-
  tee on Banks

AN  ACT  to  amend  the  banking law, in relation to requiring financial
  institutions to notify a customer prior to charging  a  fee  based  on
  account inactivity

  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  9-v  to
read as follows:
  S  9-V.  FEES  BASED  ON INACTIVITY; NOTIFICATION. NOTWITHSTANDING ANY
OTHER PROVISION OF LAW OR RULE OR REGULATION TO THE CONTRARY, ANY FINAN-
CIAL INSTITUTION SUBJECT TO THE PROVISIONS OF  THIS  CHAPTER,  INCLUDING
ANY  BANK,  TRUST  COMPANY,  SAVINGS BANK, SAVINGS AND LOAN ASSOCIATION,
CREDIT UNION, MORTGAGE BROKER,  MORTGAGE  BANKER,  OR  OTHER  INVESTMENT
ENTITY,  WHETHER  HEADQUARTERED  WITHIN  OR  OUTSIDE  THE  STATE,  WHICH
PROVIDES AN ACCOUNT TO A CUSTOMER SHALL PROVIDE WRITTEN  NOTICE  OF  THE
PENDING  CHARGES  TO  A  CUSTOMER  THIRTY DAYS PRIOR TO CHARGING ANY FEE
BASED ON ACCOUNT INACTIVITY.  SUCH  NOTICE  SHALL  INCLUDE  A  TELEPHONE
NUMBER  AND  FULL CONTACT INFORMATION FOR A REPRESENTATIVE OF THE FINAN-
CIAL INSTITUTION RESPONSIBLE FOR RESOLVING ANY MATTER  RELATING  TO  THE
FEE.
  S  2.  This  act shall take effect on the ninetieth day after it shall
have become a law.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05639-01-3

co-Sponsors

multi-Sponsors

2013-A8692A (ACTIVE) - Details

Law Section:
Banking Law
Laws Affected:
Add §9-v, Bank L
Versions Introduced in Other Legislative Sessions:
2009-2010: A9352, A3134
2011-2012: A2795
2015-2016: A3062
2017-2018: A7740
2019-2020: A1935, A9140

2013-A8692A (ACTIVE) - Summary

Requires financial institutions to notify a customer thirty days prior to charging a fee based on account inactivity; requires such notice to include a telephone number and the full contact information of a representative of the financial institution responsible for resolving any matter relating to the fee.

2013-A8692A (ACTIVE) - Bill Text download pdf 

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

                                 8692--A
                                                        Cal. No. 541

                          I N  A S S E M B L Y

                            February 3, 2014
                               ___________

Introduced  by  M.  of A. ROBINSON, KEARNS, SEPULVEDA, MOSLEY, ABINANTI,
  WEPRIN -- Multi-Sponsored by -- M. of A. CAMARA, PERRY, WEISENBERG  --
  read  once  and  referred  to  the  Committee on Banks -- reported and
  referred to  the  Committee  on  Codes  --  reported  from  committee,
  advanced  to a third reading, amended and ordered reprinted, retaining
  its place on the order of third reading

AN ACT to amend the banking law,  in  relation  to  requiring  financial
  institutions  to  notify  a  customer prior to charging a fee based on
  account inactivity

  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 9-v to
read as follows:
  S 9-V. FEES BASED ON  INACTIVITY;  NOTIFICATION.  NOTWITHSTANDING  ANY
OTHER PROVISION OF LAW OR RULE OR REGULATION TO THE CONTRARY, ANY FINAN-
CIAL  INSTITUTION  SUBJECT  TO THE PROVISIONS OF THIS CHAPTER, INCLUDING
ANY BANK, TRUST COMPANY, SAVINGS BANK,  SAVINGS  AND  LOAN  ASSOCIATION,
CREDIT  UNION,  MORTGAGE  BROKER,  MORTGAGE  BANKER, OR OTHER INVESTMENT
ENTITY,  WHETHER  HEADQUARTERED  WITHIN  OR  OUTSIDE  THE  STATE,  WHICH
PROVIDES  AN  ACCOUNT  TO A CUSTOMER SHALL PROVIDE WRITTEN NOTICE OF THE
PENDING CHARGES TO A CUSTOMER THIRTY DAYS  PRIOR  TO  CHARGING  ANY  FEE
BASED  ON  ACCOUNT  INACTIVITY.  SUCH  NOTICE  SHALL INCLUDE A TELEPHONE
NUMBER AND FULL CONTACT INFORMATION FOR A REPRESENTATIVE OF  THE  FINAN-
CIAL  INSTITUTION  RESPONSIBLE  FOR RESOLVING ANY MATTER RELATING TO THE
FEE.   A NOTIFICATION BY  ELECTRONIC  MAIL  SHALL  SATISFY  THE  WRITING
REQUIREMENT FOR THE PURPOSES OF THIS SECTION.
  S  2.  This  act shall take effect on the ninetieth day after it shall
have become a law.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05639-02-4

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