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Senate Bill S7153

2017-2018 Legislative Session

Requires financial institutions to notify a customer prior to charging a fee based on account inactivity

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Archive: Last Bill Status - In Senate Committee Banks Committee

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2017-S7153 (ACTIVE) - Details

See Assembly Version of this Bill:
A7740
Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Add §9-x, Bank L
Versions Introduced in Other Legislative Sessions:
2009-2010: A9352, A3134
2011-2012: A2795
2013-2014: A2549, A8692
2015-2016: A3062
2019-2020: S4188, A1935, A9140

2017-S7153 (ACTIVE) - Summary

Requires financial institutions to notify a customer thirty days prior to charging a fee based on account inactivity; requires such notice to include a telephone number and the full contact information of a representative of the financial institution responsible for resolving any matter relating to the fee.

2017-S7153 (ACTIVE) - Sponsor Memo

2017-S7153 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7153
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 3, 2018
                                ___________
 
 Introduced  by  Sen. KENNEDY -- 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  requiring  financial
   institutions  to  notify  a  customer prior to charging a fee 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;  NOTIFICATION.  NOTWITHSTANDING  ANY
 OTHER PROVISION OF LAW OR RULE OR REGULATION TO THE CONTRARY, ANY FINAN-
 CIAL  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 PROVIDE WRITTEN NOTICE OF THE
 PENDING CHARGES TO A CUSTOMER THIRTY DAYS  PRIOR  TO  CHARGING  ANY  FEE
 BASED  ON  ACCOUNT  INACTIVITY.  SUCH  NOTICE  SHALL INCLUDE A TELEPHONE
 NUMBER AND FULL CONTACT INFORMATION FOR A REPRESENTATIVE OF  THE  FINAN-
 CIAL  INSTITUTION  RESPONSIBLE  FOR RESOLVING ANY MATTER RELATING TO THE
 FEE.   A NOTIFICATION BY  ELECTRONIC  MAIL  SHALL  SATISFY  THE  WRITING
 REQUIREMENT FOR THE PURPOSES OF THIS SECTION.
   §  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.
                                                            LBD08628-01-7

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