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Assembly Bill A3256

2013-2014 Legislative Session

Requires certain institutions to notify joint tenants when certain withdrawals are made from joint accounts

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Archive: Last Bill Status - In Assembly Committee

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2013-A3256 (ACTIVE) - Details

Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd ยง675, Bank L
Versions Introduced in Other Legislative Sessions:
2009-2010: A8270
2011-2012: A2243

2013-A3256 (ACTIVE) - Summary

Requires certain institutions to notify joint tenants when more than fifty percent of the value of a joint account's withdrawals are made from joint accounts.

2013-A3256 (ACTIVE) - Bill Text download pdf 

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

                                  3256

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                            January 24, 2013
                               ___________

Introduced by M. of A. RABBITT, STEVENSON -- Multi-Sponsored by -- M. of
  A. MONTESANO -- read once and referred to the Committee on Banks

AN  ACT to amend the banking law, in relation to notifying joint tenants
  when certain withdrawals are made from joint accounts

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subdivision (c) of section 675 of the banking law, as added
by  chapter 777 of the laws of 1983 and paragraph one as further amended
by section 104 of Part A of chapter 62 of the laws of 2011,  is  amended
to read as follows:
  (c) THE BANKING ORGANIZATION, FOREIGN BANKING CORPORATION, SAVINGS AND
LOAN  ASSOCIATION,  OR  CREDIT  UNION TRANSACTING BUSINESS IN THIS STATE
SHALL SEND WRITTEN NOTIFICATION TO ALL JOINT TENANTS OF AN ACCOUNT  EACH
TIME A JOINT TENANT WITHDRAWS OR TRANSFERS AN AMOUNT EQUAL TO OR GREATER
THAN FIFTY PERCENT OF THE JOINT ACCOUNT'S TOTAL VALUE.
  (D)  1.  The superintendent of financial services shall promulgate and
may from time to time amend rules and regulations which require that the
joint tenants of an account established on or after the  date  on  which
the rule or regulation becomes effective and representing any deposit or
shares  governed  by the foregoing provisions of this section, shall, at
the time the account is established be informed of the terms and  condi-
tions of the account including the relationship and consequences between
the  parties  in the account and the responsibilities of the institution
with which the account is established.
  2. This subdivision or any rule or regulation thereunder shall not  be
deemed or construed as increasing or diminishing the rights or liability
of any person, or other entity.
  S 2. This act shall take effect immediately.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05089-01-3

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