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

Current Bill Status Via A9659 - Passed Senate & Assembly


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

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Actions

view actions (11)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 31, 2022 returned to assembly
passed senate
3rd reading cal.1540
substituted for s7202a
May 31, 2022 substituted by a9659
May 25, 2022 ordered to third reading cal.1540
committee discharged and committed to rules
May 18, 2022 print number 7202a
May 18, 2022 amend and recommit to banks
Jan 05, 2022 referred to banks
Jun 07, 2021 referred to rules

S7202 - Details

See Assembly Version of this Bill:
A9659
Law Section:
Banking Law
Laws Affected:
Add §9-z, Bank L

S7202 - Summary

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

S7202 - Sponsor Memo

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

S7202A (ACTIVE) - Details

See Assembly Version of this Bill:
A9659
Law Section:
Banking Law
Laws Affected:
Add §9-z, Bank L

S7202A (ACTIVE) - Summary

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

S7202A (ACTIVE) - Sponsor Memo

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

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