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Assembly Bill A1935

2019-2020 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 - Stricken

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2019-A1935 (ACTIVE) - Details

See Senate Version of this Bill:
S4188
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
2017-2018: A7740, S7153

2019-A1935 (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.

2019-A1935 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1935
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 18, 2019
                                ___________
 
 Introduced  by  M.  of A. ZEBROWSKI, ABINANTI, PERRY, BLAKE, RICHARDSON,
   WEPRIN, SEAWRIGHT, BICHOTTE, FAHY, COLTON -- Multi-Sponsored by --  M.
   of A.  GALEF -- read once and referred 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.
                                                            LBD01539-01-9

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