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Assembly Bill A7650

2021-2022 Legislative Session

Requires a written notification of overdraft fees charged to certain account holders

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Archive: Last Bill Status - In Senate Committee Rules Committee

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2021-A7650 (ACTIVE) - Details

See Senate Version of this Bill:
S7202
Current Committee:
Senate Rules
Law Section:
Banking Law
Laws Affected:
Add §9-y, Bank L

2021-A7650 (ACTIVE) - Summary

Requires financial institutions to send a written notification of overdraft fees charged to account holders every 180 days.

2021-A7650 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7650
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 19, 2021
                                ___________
 
 Introduced by M. of A. PICHARDO -- read once and referred to the Commit-
   tee on Banks
 
 AN  ACT  to  amend  the  banking law, in relation to requiring a written
   notification of overdraft fees charged to certain account holders
 
   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-y to
 read as follows:
   § 9-Y. FEES BASED ON OVERDRAFT OF ACCOUNT; NOTIFICATION. 1.   NOTWITH-
 STANDING ANY OTHER PROVISION OF LAW OR RULE OR REGULATION TO THE CONTRA-
 RY, ANY FINANCIAL INSTITUTION SUBJECT TO THE PROVISIONS OF THIS CHAPTER,
 INCLUDING  ANY BANK, TRUST COMPANY, SAVINGS BANK, SAVINGS AND LOAN ASSO-
 CIATION, 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
 FEES  CHARGED  DUE  TO  OVERDRAFT OF AN ACCOUNT EVERY ONE HUNDRED EIGHTY
 DAYS. SUCH NOTICE SHALL INCLUDE:
   (A) DATES AND AMOUNTS OF OVERDRAFT FEES;
   (B) THE TOTAL AMOUNT CHARGED;
   (C) INFORMATION ON THE CUSTOMER'S ABILITY TO NEGOTIATE FEES; AND
   (D) A TELEPHONE NUMBER AND FULL CONTACT INFORMATION  FOR  A  REPRESEN-
 TATIVE OF THE FINANCIAL INSTITUTION RESPONSIBLE FOR RESOLVING ANY MATTER
 RELATING TO SUCH FEE.
   2.  A  NOTIFICATION  BY  ELECTRONIC  MEANS  SHALL  SATISFY THE WRITING
 REQUIREMENT FOR THE PURPOSES OF THIS SECTION IF SUCH OPTION IS  SELECTED
 BY THE ACCOUNT HOLDER.
   § 2. This act shall take effect January 1, 2022.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11577-01-1

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