|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Apr 20, 2021||referred to banks|
delivered to assembly
|Feb 02, 2021||advanced to third reading|
|Feb 01, 2021||2nd report cal.|
|Jan 26, 2021||1st report cal.185|
|Jan 06, 2021||referred to banks|
senate Bill S134
Current Bill Status - Passed Senate
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S134 (ACTIVE) - Details
S134 (ACTIVE) - Sponsor Memo
BILL NUMBER: S134 SPONSOR: MAYER TITLE OF BILL: An act to amend the banking law, in relation to establishing limitations on bank accounts after such account has been closed PURPOSE OR GENERAL IDEA OF BILL: The purpose of this legislation is to protect banking customers from surprise fees and to streamline the process of closing a bank account. SUMMARY OF PROVISIONS: Section 1 adds a new subdivision 2 to Section 9-i of the banking law to prohibit banks from doing any of the following after the date on which a customer is notified that such customer's account shall be closed: (1) honoring requests for deposits or withdrawals, (2) keeping open or re-o- pening the account, or (3) charging fees with respect to such account.
S134 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 134 2021-2022 Regular Sessions I N S E N A T E (PREFILED) January 6, 2021 ___________ Introduced by Sens. MAYER, JACKSON, SALAZAR -- 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 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. LBD02664-01-1
Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. 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.