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Assembly Bill A3248

2023-2024 Legislative Session

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

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Archive: Last Bill Status - In Assembly Committee

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2023-A3248 (ACTIVE) - Details

Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Add §9-e, Bank L
Versions Introduced in Other Legislative Sessions:
2021-2022: A9659
2025-2026: A6753

2023-A3248 (ACTIVE) - Summary

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

2023-A3248 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3248
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 2, 2023
                                ___________
 
 Introduced  by  M. of A. HUNTER, SAYEGH -- read once and referred to the
   Committee 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-e  to
 read as follows:
   §  9-E. 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, 2024.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05879-01-3

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