senate Bill S5810

2017-2018 Legislative Session

Relates to the establishment of joint deposit and convenience accounts

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Rules Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (7)
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

Votes

view votes

May 9, 2018 - Banks committee Vote

S5810
19
0
committee
19
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Banks committee vote details

Jun 7, 2017 - Banks committee Vote

S5810
18
0
committee
18
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Banks committee vote details

Co-Sponsors

S5810 (ACTIVE) - Details

Current Committee:
Senate Rules
Law Section:
Banking Law
Laws Affected:
Amd §§675 & 678, Bank L

S5810 (ACTIVE) - Summary

Provides that upon the establishment of a joint deposit account, a banking organization shall offer a convenience account.

S5810 (ACTIVE) - Sponsor Memo

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.

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