|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jun 20, 2018||committed to rules|
|May 15, 2018||advanced to third reading|
|May 14, 2018||2nd report cal.|
|May 09, 2018||1st report cal.1137|
|Jan 03, 2018||referred to banks|
|Jun 07, 2017||reported and committed to rules|
|May 02, 2017||referred to banks|
senate Bill S5810
Archive: Last Bill Status - In Senate Committee Rules Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S5810 (ACTIVE) - Details
- Current Committee:
- Senate Rules
- Law Section:
- Banking Law
- Laws Affected:
- Amd §§675 & 678, Bank L
S5810 (ACTIVE) - Sponsor Memo
BILL NUMBER: S5810 TITLE OF BILL : An act to amend the banking law, in relation to joint deposit and convenience accounts PURPOSE : Relates to the establishment of joint deposit and convenience accounts SUMMARY OF PROVISIONS : Section 1: Amends section 675 of the banking law to include a new subdivision requiring that specified banking institutions offer an account for convenience, including information regarding such accounts, when a joint account is established and opened. Section 2: Amends section 678 of the banking law to require that specified banking institutions offer an account for convenience, including information regarding such accounts, when a joint account is established and opened. This information shall be developed and promulgated by the Superintendent of Financial Services, including guidance for banking institutions regarding information about the differences in relationships and legal consequences between joint accounts and convenience accounts.
S5810 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5810 2017-2018 Regular Sessions I N S E N A T E May 2, 2017 ___________ Introduced by Sen. SERINO -- 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 joint deposit and convenience accounts THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision (c) of section 675 of the banking law is relet- tered subdivision (d) and a new subdivision (c) is added to read as follows: (C) UPON THE ESTABLISHMENT AND OPENING OF A JOINT DEPOSIT OF CASH, SECURITIES, OR OTHER PROPERTY AS DEFINED IN SUBDIVISION (A) OF THIS SECTION, A BANKING ORGANIZATION, A FOREIGN BANK CORPORATION TRANSACTING BUSINESS IN THIS STATE, A SAVINGS AND LOAN ASSOCIATION OR A CREDIT UNION TRANSACTING BUSINESS IN THIS STATE SHALL OFFER AN ACCOUNT FOR CONVEN- IENCE AS DEFINED BY SECTION SIX HUNDRED SEVENTY-EIGHT OF THIS ARTICLE TO THE DEPOSITOR. § 2. Section 678 of the banking law, as added by chapter 436 of the laws of 1990, subdivision 2 as further amended by section 104 of part A of chapter 62 of the laws of 2011, is amended to read as follows: § 678. Accounts for convenience only. 1. UPON THE ESTABLISHMENT AND OPENING OF A JOINT DEPOSIT OF CASH, SECURITIES, OR OTHER PROPERTY AS DEFINED IN SUBDIVISION (A) OF SECTION SIX HUNDRED SEVENTY-FIVE OF THIS ARTICLE, A BANKING ORGANIZATION, A FOREIGN BANK CORPORATION TRANSACTING BUSINESS IN THIS STATE, A SAVINGS AND LOAN ASSOCIATION OR A CREDIT UNION TRANSACTING BUSINESS IN THIS STATE SHALL OFFER AN ACCOUNT FOR CONVEN- IENCE AS DEFINED IN THIS SECTION. 2. When a deposit of cash, securities or other property has been made, or shares shall be issued in or with any banking organization or foreign banking corporation transacting business in this state, in an account established after the effective date of this section, in the name of a depositor and another person and in form to be paid or delivered to EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.
By contributing or voting you agree to the Terms of Participation and verify you are over 13.