senate Bill S225

2013-2014 Legislative Session

Requires notice to renters of safe deposit boxes regarding fees and charges

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

do you support this bill?

Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to banks
Jan 09, 2013 referred to banks

S225 - Bill Details

See Assembly Version of this Bill:
A5580
Current Committee:
Law Section:
Banking Law
Laws Affected:
Add ยง339, Bank L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S739, A7018
2009-2010: S8066, A10918

S225 - Bill Texts

view summary

Requires notice to renters of safe deposit boxes regarding fees and charges.

view sponsor memo
BILL NUMBER:S225

TITLE OF BILL:
An act
to amend the banking law, in relation to requiring notice to renters of
safe deposit boxes regarding fees and charges

PURPOSE OR GENERAL IDEA OF BILL:
To protect renters of safety deposit boxes from inappropriate rental
fees and applicable charges imposed by banking organizations or safe
deposit box companies.

SUMMARY OF SPECIFIC PROVISIONS:
Subdivision 1 requires any banking organization or safe deposit
company which offers safe deposit boxes to provide a schedule of all
fees and charges applicable to the rental of the safe deposit box in
the rental agreement Such fees and charges will be approved by the
superintendent.

Subdivision 2 requires any banking organization or safe deposit
company which offers safe deposit boxes for rent to include, in the
annual report to the superintendent, a schedule of all fees and
charges imposed on the lessee.

Subdivision 3 states that no fees or charges can be imposed on a
lessee when an act of God, common disaster, or emergency situation,
renders the lessee unable to access the safe deposit box.

JUSTIFICATION:
Several of the victims of the recent Chinatown fire, many who are
elderly, families with young children, or individuals with low
income, were charged exorbitant fees to replace lost safe deposit
keys In addition, other constituents have stated that they are being
charged fees to obtain copies of old bank statements and, other
documents necessary to verify their former address. New Yorkers who
have literally lost everything are being charged fees to access their
valuables and critical identification documents.. Charging fees under
these circumstances is unfair.

PRIOR LEGISLATIVE HISTORY:
2010: S.8066 (Squadron) - Passed Senate, A.10918 (Silver) - Passed
Assembly
2012: Referred to Banks

FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
None.

EFFECTIVE DATE:
Immediately, and shall apply to all safe deposit box rental agreements
entered into on or after such date.

view full text
download pdf
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                   225

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced  by Sen. SQUADRON -- 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  requiring  notice  to
  renters of safe deposit boxes regarding fees and charges

  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  339  to
read as follows:
  S  339.  NOTICE  TO  RENTERS  OF SAFE DEPOSIT BOXES REGARDING FEES AND
CHARGES. 1. ANY BANKING  ORGANIZATION  OR  SAFE  DEPOSIT  COMPANY  WHICH
OFFERS SAFE DEPOSIT BOXES FOR RENT SHALL PROVIDE IN THE RENTAL AGREEMENT
REQUIRED  PURSUANT TO SECTION THREE HUNDRED THIRTY-EIGHT OF THIS ARTICLE
A SCHEDULE OF ALL FEES AND CHARGES APPLICABLE TO THE RENTAL OF SUCH SAFE
DEPOSIT BOX IN AT LEAST FOURTEEN POINT TYPE. ALL SUCH FEES  AND  CHARGES
IMPOSED UPON LESSEES OF SAFE DEPOSIT BOXES SHALL BE DEEMED REASONABLE BY
THE SUPERINTENDENT.
  2.  ANY BANKING ORGANIZATION OR SAFE DEPOSIT COMPANY WHICH OFFERS SAFE
DEPOSIT BOXES FOR RENT SHALL INCLUDE IN ITS ANNUAL REPORT TO THE  SUPER-
INTENDENT REQUIRED PURSUANT TO SECTION THREE HUNDRED TWENTY-NINE OF THIS
CHAPTER  A  SCHEDULE  OF ALL FEES AND CHARGES IMPOSED ON LESSEES FOR THE
RENTAL OF SAFE DEPOSIT BOXES.
  3. NO RENTAL AGREEMENT FOR THE RENTAL OF  A  SAFE  DEPOSIT  BOX  SHALL
IMPOSE  ANY  FEE  OR CHARGE UPON A LESSEE, OR ANYONE WHO WOULD OTHERWISE
HAVE ACCESS TO SUCH SAFE DEPOSIT BOX, FOR GAINING ACCESS  TO  SUCH  SAFE
DEPOSIT  BOX WHERE AN ACT OF GOD, COMMON DISASTER OR EMERGENCY SITUATION
HAS OCCURRED RENDERING THE LESSEE UNABLE TO  ACCESS  SUCH  SAFE  DEPOSIT
BOX.    THE  SUPERINTENDENT  SHALL  PROMULGATE  ANY RULES OR REGULATIONS
NECESSARY FOR CARRYING OUT THE PROVISIONS OF THIS SECTION.
  S 2. This act shall take effect immediately and  shall  apply  to  all
safe deposit box rental agreements entered into on or after such date.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00153-01-3

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.