Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 03, 2018 |
referred to banks |
Jan 13, 2017 |
referred to banks |
Senate Bill S2463
2017-2018 Legislative Session
Sponsored By
(D) 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
co-Sponsors
(D) 32nd Senate District
2017-S2463 (ACTIVE) - Details
2017-S2463 (ACTIVE) - Sponsor Memo
BILL NUMBER: S2463 TITLE OF BILL : An act to amend the banking law, in relation to prohibiting financial institutions from charging a fee in excess of five dollars to a customer based on account inactivity PURPOSE OR GENERAL IDEA OF BILL : This bill amends the banking law to prohibit financial institutions from charging customers account inactivity fees in excess of five dollars per year. SUMMARY OF SPECIFIC PROVISIONS : Section 1 amends section 9-v of the banking law to add a prohibiting financial institutions, whether headquartered within or outside of the State of New York from charging a fee in excess of five dollars per year to a customer based on account inactivity. JUSTIFICATION : Under current law, financial institutions can charge customers inactivity fees which bear no relation to the cost incurred by financial institutions in maintaining inactive accounts. This bill would prevent financial institutions from unfairly using inactivity fees for profit.
2017-S2463 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2463 2017-2018 Regular Sessions I N S E N A T E January 13, 2017 ___________ 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 prohibiting financial institutions from charging a fee in excess of five dollars to a customer based on account inactivity 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: § 9-X. FEES BASED ON INACTIVITY PROHIBITED. NOTWITHSTANDING ANY OTHER PROVISION OF LAW OR RULE OR REGULATION TO THE CONTRARY, NO FINANCIAL INSTITUTION SUBJECT TO THE PROVISIONS OF THIS CHAPTER, INCLUDING ANY BANK, TRUST COMPANY, SAVINGS BANK, SAVINGS AND LOAN ASSOCIATION, CREDIT UNION, MORTGAGE BROKER, MORTGAGE BANKER, OR OTHER INVESTMENT ENTITY, WHETHER HEADQUARTERED WITHIN OR OUTSIDE THE STATE, WHICH PROVIDES AN ACCOUNT TO A CUSTOMER SHALL CHARGE A FEE IN EXCESS OF FIVE DOLLARS PER YEAR TO SUCH CUSTOMER BASED ON ACCOUNT INACTIVITY. § 2. This act shall take effect on the ninetieth day after it shall have become a law. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD00721-01-7
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