Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 13, 2016 |
referred to banks |
Senate Bill S6441
2015-2016 Legislative Session
Sponsored By
(D) 10th Senate District
Archive: Last Bill Status - In Senate Committee Banks Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2015-S6441 (ACTIVE) - Details
- Current Committee:
- Senate Banks
- Law Section:
- Banking Law
- Laws Affected:
- Add Art 2-A ยงยง60 - 63, Bank L
- Versions Introduced in Other Legislative Sessions:
-
2017-2018:
S3219
2019-2020: S2133
2021-2022: S3248
2023-2024: S5016
2015-S6441 (ACTIVE) - Sponsor Memo
BILL NUMBER: S6441 TITLE OF BILL : An act to amend the banking law, in relation to creating the consumer overdraft protection act PURPOSE : This legislation will establish appropriate protections for consumers regarding overdraft fees. SUMMARY OF PROVISIONS : This bill amends the banking law by adding article 2-A to be cited as the "Consumer Overdraft Protection Act". It limits overdraft fees over the course of one year to no more than one hundred dollars, including any additional charges and/or fees imposed. The bill also requires every financial institution to establish an automatic bounce system for any amount exceeding the limit prescribed above, and thus regardless of how the financial transaction is executed -- check, electronic fund transfer, automated teller machine -- the consumer is protected. Any financial institution may require a monthly fee of one dollar for any checking account for the maintenance of an automatic bounce system. Such fee must be disclosed pursuant to subdivision one of this
2015-S6441 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6441 I N S E N A T E January 13, 2016 ___________ Introduced by Sen. SANDERS -- 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 creating the consumer overdraft protection act 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 article 2-A to read as follows: ARTICLE 2-A CONSUMER OVERDRAFT PROTECTION ACT SECTION 60. LEGISLATIVE INTENT. 61. DEFINITIONS. 62. RESTRICTIONS ON OVERDRAFT PROTECTION PROGRAMS OR SERVICES. 63. RESTRICTIONS ON ADVERTISING OF OVERDRAFT PROTECTION PROGRAMS OR SERVICES. S 60. LEGISLATIVE INTENT. THE LEGISLATURE HEREBY FINDS THAT MANY NEW YORK STATE CONSUMERS ARE NOT INFORMED OF OVERDRAFT PROTECTION AND/OR FEES UNTIL AFTER SUCH EVENT HAS TAKEN PLACE. IT IS THE LEGISLATURE'S INTENT TO ENSURE THAT CONSUMERS ARE INFORMED OF THEIR OPTIONS IN REGARD TO OVERDRAFT PROTECTION PRIOR TO INCURRING FEES BY ESTABLISHING APPRO- PRIATE PROTECTIONS FOR SUCH CONSUMERS. S 61. DEFINITIONS. FOR PURPOSES OF THIS ARTICLE, THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS: 1. "OVERDRAFT PROTECTION FEE" MEANS ANY FEE OR CHARGE IMPOSED IN CONNECTION WITH ANY ACCOUNT ON WHICH CHECKS OR OTHER DEBITS ARE PAID BY THE INSTITUTION IN WHICH SUCH ACCOUNT IS HELD EVEN THOUGH THERE ARE INSUFFICIENT FUNDS IN THE ACCOUNT TO COVER SUCH CHECKS OR OTHER DEBITS, UNLESS SUCH FEE OR CHARGE: (A) IS IMPOSED ON AN INCIDENTAL BASIS AS A CUSTOMER ACCOMMODATION AND NOT MORE THAN THREE SUCH OVERDRAFT FEES ARE IMPOSED DURING ANY CALENDAR YEAR; (B) IS IMPOSED IN CONNECTION WITH AN EXTENSION OF CREDIT THROUGH AN OVERDRAFT LINE OF CREDIT THROUGH AN OVERDRAFT LINE OR CREDIT PROGRAM EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD13396-01-5
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