| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| Jan 27, 2016 |
print number 2868a |
| Jan 27, 2016 |
amend and recommit to banks |
| Jan 06, 2016 |
referred to banks |
| Jan 29, 2015 |
referred to banks |
Senate Bill S2868A
2015-2016 Legislative Session
Sponsored By
(D, WF) 21st Senate District
Archive: Last Bill Status - In Senate Committee Banks Committee
Actions
Bill Amendments
co-Sponsors
(D) Senate District
2015-S2868 - Details
2015-S2868 - Sponsor Memo
BILL NUMBER:S2868
TITLE OF BILL:
An act to amend the banking law, in relation to attorney trust
accounts
PURPOSE SUMMARY OF PROVISIONS:
This bill would add new section 9-w to the Banking Law to provide that
no bank or trust company regulated by the State of New York shall
charge a service fee or require a minimum balance on an attorney trust
account, provided that such account is required by law and that no
more than fifteen debit or credit transactions per month are made in
connection with such account and further provided that such account is
non-interest bearing. This bill would also define 'attorney trust
account' as a special bank or checking account required by a rule of
court for deposit of funds belonging to legal clients or other persons
in the practice of law.
JUSTIFICATION:
An attorney in possession of any asset or sum of money belonging to a
client is a fiduciary and must not commingle client funds with his or
her own funds or personal or business accounts. Furthermore, an
attorney must maintain in a bank or trust company within the State of
2015-S2868 - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
2868
2015-2016 Regular Sessions
I N S E N A T E
January 29, 2015
___________
Introduced by Sen. PARKER -- 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 attorney trust accounts
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-w to
read as follows:
S 9-W. ATTORNEY TRUST ACCOUNTS. NOTWITHSTANDING ANY OTHER PROVISION OF
LAW OR RULE OR REGULATION TO THE CONTRARY, NO BANK OR TRUST COMPANY
REGULATED BY THE STATE OF NEW YORK SHALL CHARGE A SERVICE FEE OR REQUIRE
A MINIMUM BALANCE ON AN ATTORNEY TRUST ACCOUNT, PROVIDED THAT NO MORE
THAN FIFTEEN DEBIT OR CREDIT TRANSACTIONS PER MONTH ARE MADE IN
CONNECTION WITH SUCH ACCOUNT AND PROVIDED, FURTHER, THAT SUCH ATTORNEY
TRUST ACCOUNT IS NON-INTEREST BEARING OR IS AN IOLA (INTEREST ON LAWYER
ACCOUNTS) ACCOUNT. FOR THE PURPOSES OF THIS SECTION, AN ATTORNEY TRUST
ACCOUNT SHALL MEAN A SPECIAL BANKING OR CHECKING ACCOUNT REQUIRED BY LAW
OR A RULE OF COURT FOR THE DEPOSIT OF FUNDS BELONGING TO LAW CLIENTS OR
OTHER PERSONS IN THE PRACTICE OF LAW.
S 2. This act shall take effect on the thirtieth day after it shall
have become a law.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD06543-01-5
co-Sponsors
(D) Senate District
2015-S2868A (ACTIVE) - Details
2015-S2868A (ACTIVE) - Sponsor Memo
BILL NUMBER: S2868A
TITLE OF BILL :
An act to amend the banking law, in relation to attorney trust
accounts
PURPOSE SUMMARY OF PROVISIONS :
This bill would add new section 9-x to the Banking Law to provide that
no bank or trust company regulated by the State of New York shall
charge a service fee or require a minimum balance on an attorney trust
account, provided that such account is required by law and that no
more than fifteen debit or credit transactions per month are made in
connection with such account and further provided that such account is
non-interest bearing. This bill would also define 'attorney trust
account' as a special bank or checking account required by a rule of
court for deposit of funds belonging to legal clients or other persons
in the practice of law.
JUSTIFICATION :
An attorney in possession of any asset or sum of money belonging to a
client is a fiduciary and must not commingle client funds with his or
her own funds or personal or business accounts. Furthermore, an
attorney must maintain in a bank or trust company within the State of
2015-S2868A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
2868--A
2015-2016 Regular Sessions
I N S E N A T E
January 29, 2015
___________
Introduced by Sens. PARKER, AVELLA -- read twice and ordered printed,
and when printed to be committed to the Committee on Banks -- recom-
mitted to the Committee on Banks in accordance with Senate Rule 6,
sec. 8 -- committee discharged, bill amended, ordered reprinted as
amended and recommitted to said committee
AN ACT to amend the banking law, in relation to attorney trust accounts
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-x to
read as follows:
S 9-X. ATTORNEY TRUST ACCOUNTS. NOTWITHSTANDING ANY OTHER PROVISION OF
LAW OR RULE OR REGULATION TO THE CONTRARY, NO BANK OR TRUST COMPANY
REGULATED BY THE STATE OF NEW YORK SHALL CHARGE A SERVICE FEE OR REQUIRE
A MINIMUM BALANCE ON AN ATTORNEY TRUST ACCOUNT, PROVIDED THAT NO MORE
THAN FIFTEEN DEBIT OR CREDIT TRANSACTIONS PER MONTH ARE MADE IN
CONNECTION WITH SUCH ACCOUNT AND PROVIDED, FURTHER, THAT SUCH ATTORNEY
TRUST ACCOUNT IS NON-INTEREST BEARING OR IS AN IOLA (INTEREST ON LAWYER
ACCOUNTS) ACCOUNT. FOR THE PURPOSES OF THIS SECTION, AN ATTORNEY TRUST
ACCOUNT SHALL MEAN A SPECIAL BANKING OR CHECKING ACCOUNT REQUIRED BY LAW
OR A RULE OF COURT FOR THE DEPOSIT OF FUNDS BELONGING TO LAW CLIENTS OR
OTHER PERSONS IN THE PRACTICE OF LAW.
S 2. This act shall take effect on the thirtieth day after it shall
have become a law.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD06543-02-6
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