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Senate Bill S2228

2013-2014 Legislative Session

Relates to electronic or wire transfers to personal accounts

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Archive: Last Bill Status - In Senate Committee Banks Committee

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2013-S2228 (ACTIVE) - Details

Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Add ยง9-v, Bank L

2013-S2228 (ACTIVE) - Summary

Requires banks to provide written receipts for deposits over $1000 to personal accounts via electronic or wire transfers.

2013-S2228 (ACTIVE) - Sponsor Memo

2013-S2228 (ACTIVE) - Bill Text download pdf 

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

                                  2228

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 14, 2013
                               ___________

Introduced  by  Sen. MAZIARZ -- read twice and ordered printed, and when
  printed to be committed to the Committee on Banks

AN ACT to amend the banking law,  in  relation  to  electronic  or  wire
  transfers

  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. ELECTRONIC OR WIRE TRANSFERS. 1. EVERY BANKING INSTITUTION THAT
ACCEPTS  DEPOSITS  TO  CONSUMER  ACCOUNTS BY ELECTRONIC OR WIRE TRANSFER
SHALL PROVIDE CONSUMERS WITH THE RIGHT TO OBTAIN A WRITTEN  CONFIRMATION
OF  THE  RECEIPT  OF  FUNDS  BY  SUCH  A TRANSFER IN ACCORDANCE WITH THE
PROVISIONS OF THIS SECTION.
  2. A BANKING INSTITUTION PROCESSING AN ELECTRONIC OR WIRE TRANSFER  OF
FUNDS  IN  THE  AMOUNT  OF  ONE  THOUSAND  DOLLARS OR MORE TO A CONSUMER
ACCOUNT SHALL, IN ACCORDANCE WITH REGULATIONS ADOPTED BY THE SUPERINTEN-
DENT, PROVIDE THE OWNER OF THE CONSUMER ACCOUNT A  WRITTEN  CONFIRMATION
OF  THE  RECEIPT  OF SUCH FUNDS NO LATER THAN THE BUSINESS DAY FOLLOWING
THE DAY ON WHICH THE FUNDS WERE TRANSMITTED, PROVIDED THAT THE OWNER  OF
SUCH  CONSUMER  ACCOUNT HAS REQUESTED A WRITTEN CONFIRMATION AND IDENTI-
FIES BY ACCOUNT NUMBER THE CONSUMER ACCOUNT  TO  WHICH  THE  FUNDS  WERE
TRANSMITTED.
  3.  FOR  THE  PURPOSES OF THIS SECTION, THE FOLLOWING TERMS SHALL HAVE
THE FOLLOWING MEANINGS:
  (A) "BANKING INSTITUTION" SHALL MEAN ANY STATE OR FEDERALLY  CHARTERED
BANK, TRUST COMPANY, SAVINGS BANK, SAVINGS AND LOAN ASSOCIATION OR CRED-
IT UNION;
  (B) "CONSUMER" SHALL MEAN AN INDIVIDUAL PERSON; AND
  (C)  "CONSUMER  ACCOUNT"  SHALL  MEAN  AN  ACCOUNT,  INCLUDING A JOINT
ACCOUNT, USED PRIMARILY FOR PERSONAL, FAMILY OR HOUSEHOLD PURPOSES.
  S 2. This act shall take effect on the ninetieth day  after  it  shall
become a law.

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

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