Senate Bill S7202A

2021-2022 Legislative Session

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

download bill text pdf

Sponsored By

Archive: Last Bill Status Via A9659 - Passed Senate

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions
Votes

Bill Amendments

2021-S7202 - Details

See Assembly Version of this Bill:
A9659
Law Section:
Banking Law
Laws Affected:
Add §9-z, Bank L
Versions Introduced in 2023-2024 Legislative Session:
A3248

2021-S7202 - Summary

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

2021-S7202 - Sponsor Memo

2021-S7202 - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7202
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               June 7, 2021
                                ___________
 
 Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 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

2021-S7202A (ACTIVE) - Details

See Assembly Version of this Bill:
A9659
Law Section:
Banking Law
Laws Affected:
Add §9-z, Bank L
Versions Introduced in 2023-2024 Legislative Session:
A3248

2021-S7202A (ACTIVE) - Summary

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

2021-S7202A (ACTIVE) - Sponsor Memo

2021-S7202A (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7202--A
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               June 7, 2021
                                ___________
 
 Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules  --  recommitted  to
   the  Committee  on  Banks  in accordance with Senate Rule 6, sec. 8 --
   committee discharged, bill amended, ordered reprinted as  amended  and
   recommitted to said committee

 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-z to
 read as follows:
   § 9-Z. 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, 2023.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11577-05-2

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. 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.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.