assembly Bill A9597

2019-2020 Legislative Session

Relates to establishing limitations on bank accounts after such accounts have been closed

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Archive: Last Bill Status - In Assembly Committee

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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 27, 2020 referred to banks

A9597 (ACTIVE) - Details

See Senate Version of this Bill:
S6919
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd §9-i, Bank L
Versions Introduced in Other Legislative Sessions:
2021-2022: A240, S134
2023-2024: S1065

A9597 (ACTIVE) - Summary

Relates to establishing limitations on bank accounts after such accounts have been closed including opening or re-opening such account, requesting a deposit or withdrawal or assessing certain fees.

A9597 (ACTIVE) - Bill Text download pdf 


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  9597

                          I N  A S S E M B L Y

                            January 27, 2020
                               ___________

Introduced  by  M.  of  A.  ZEBROWSKI  --  read once and referred to the
  Committee on Banks

AN ACT to amend the banking law, in relation to establishing limitations
  on bank accounts after such account has been closed

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1. Section 9-i of the banking law, as added by chapter 646 of
the laws of 1985, is amended to read as follows:
  § 9-i. Close-out fees prohibited in certain cases; POST-CLOSING  LIMI-
TATIONS.   1. No banking institution, as that term is defined in section
nine-f of this [chapter] ARTICLE, shall charge its customers a  fee  for
the withdrawal of all funds from any account resulting in the closing of
such  account  provided  that such account was opened for a period of at
least one hundred eighty consecutive days prior to its closing.
  2. NO BANKING INSTITUTION, AS THAT TERM IS DEFINED IN  SECTION  NINE-F
OF  THIS  ARTICLE, AFTER THE DATE ON WHICH THE CUSTOMER IS INFORMED THAT
AN ACCOUNT SHALL BE CLOSED SHALL:
  (A) HONOR ANY REQUEST FOR A DEPOSIT OR WITHDRAWAL WITH RESPECT TO SUCH
ACCOUNT;
  (B) KEEP OPEN OR RE-OPEN SUCH ACCOUNT; OR
  (C) CHARGE ANY CUSTOMER OR FORMER CUSTOMER ANY FEE WITH RESPECT TO ANY
SUCH ACCOUNT, PROVIDED THAT THE FOREGOING SHALL NOT PREVENT THE  BANKING
INSTITUTION  FROM RECOVERING FROM SUCH CUSTOMER ANY AMOUNTS NECESSARY TO
SATISFY A NEGATIVE BALANCE THAT EXISTED AT  THE  TIME  THE  ACCOUNT  WAS
CLOSED.
  §  2. This act shall take effect one year after it shall have become a
law.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14413-02-9