| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| Jun 08, 2016 |
reported and committed to rules |
| Jan 06, 2016 |
referred to banks |
Senate Bill S6242
2015-2016 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - In Senate Committee Rules Committee
Actions
Votes
co-Sponsors
(D) 14th Senate District
2015-S6242 (ACTIVE) - Details
2015-S6242 (ACTIVE) - Sponsor Memo
BILL NUMBER: S6242
TITLE OF BILL : An act to amend the banking law, in relation to the
number of withdrawal transactions from a basic banking account
PURPOSE OR GENERAL IDEA OF BILL :
This bill increases the amount of withdrawal transactions allowed at
no additional charge for basic banking account holders aged sixty and
older from eight to twelve.
SUMMARY OF SPECIFIC PROVISIONS :
This bill amends paragraph c of subdivision 2 of section 14-f of the
banking law.
JUSTIFICATION :
As part of the Banking Deregulation Act of 1994, state chartered banks
were required to offer "lifeline" basic checking accounts which
allowed consumers eight free withdrawal transactions (including
checks, bank withdrawals, and withdrawals from a bank's own ATM)
during anyone month billing cycle. The lifeline account was designed
to assist the poorest residents of our state who are required to use
banks to receive their Social Security and SSI payments
electronically. However, senior citizens, who make up the largest
2015-S6242 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
6242
I N S E N A T E
(PREFILED)
January 6, 2016
___________
Introduced by Sen. HAMILTON -- 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 the number of withdrawal
transactions from a basic banking account
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Paragraph (c) of subdivision 2 of section 14-f of the bank-
ing law, as added by chapter 1 of the laws of 1994 and such subdivision
as further amended by section 104 of part A of chapter 62 of the laws of
2011, is amended to read as follows:
(c) eight withdrawal transactions FOR ACCOUNT HOLDERS UNDER SIXTY-FIVE
YEARS OF AGE, AND TWELVE WITHDRAWAL TRANSACTIONS FOR ACCOUNT HOLDERS
SIXTY-FIVE YEARS OF AGE OR OLDER, including those conducted at electron-
ic facilities, during any periodic cycle at no additional charge to the
account holder; and
S 2. This act shall take effect on the sixtieth day after it shall
have become a law.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD08625-01-5
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