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Assembly Bill A9210A

2023-2024 Legislative Session

Establishes standards for the closure of banking accounts in the state of New York

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Archive: Last Bill Status - In Senate Committee Banks Committee

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Bill Amendments

co-Sponsors

2023-A9210 - Details

See Senate Version of this Bill:
S9757
Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Add §9-ii, Bank L
Versions Introduced in 2025-2026 Legislative Session:
A5031, S4603

2023-A9210 - Summary

Establishes standards for the closure of bank accounts in the state of New York to include providing notice of closure and the return of funds to account owners.

2023-A9210 - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9210
 
                           I N  A S S E M B L Y
 
                             February 16, 2024
                                ___________
 
 Introduced by M. of A. JACOBSON -- read once and referred to the Commit-
   tee on Banks
 
 AN  ACT  to  amend the banking law, in relation to establishing criteria
   for the closure of banking accounts in the state of New York
 
   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-ii to
 read as follows:
   § 9-II. CLOSURE OF ACCOUNTS. ALL  BANKING  ORGANIZATIONS  AND  OUT-OF-
 STATE  BANKS  AUTHORIZED  TO  OPERATE  AND MAINTAIN BRANCHES PURSUANT TO
 ARTICLE FIVE-C OF THIS CHAPTER WHEN CLOSING THE ACCOUNT  OF  A  CUSTOMER
 SHALL:
   (A)  PROVIDE  SIXTY  DAYS'  NOTICE  THAT SUCH ACCOUNT IS BEING CLOSED,
 WHETHER FOR PERSONAL OR BUSINESS USE, AND PROVIDE THE  REASON  FOR  SUCH
 CLOSURE;
   (B) CONTINUE TO HONOR CHECKS SUBMITTED OR PROCESSED WITHIN THIRTY DAYS
 AFTER THE CLOSURE OF SUCH ACCOUNT; AND
   (C)  RETURN  ANY  REMAINING  FUNDS FROM SUCH ACCOUNT WITHIN SIXTY DAYS
 AFTER THE CLOSURE OF SUCH ACCOUNT TO THE OWNER.
   § 2. This act shall take effect immediately.
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14062-01-4

co-Sponsors

2023-A9210A (ACTIVE) - Details

See Senate Version of this Bill:
S9757
Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Add §9-ii, Bank L
Versions Introduced in 2025-2026 Legislative Session:
A5031, S4603

2023-A9210A (ACTIVE) - Summary

Establishes standards for the closure of bank accounts in the state of New York to include providing notice of closure and the return of funds to account owners.

2023-A9210A (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  9210--A
 
                           I N  A S S E M B L Y
 
                             February 16, 2024
                                ___________
 
 Introduced  by  M. of A. JACOBSON, LUCAS, HYNDMAN, TAYLOR, SANTABARBARA,
   GLICK, DILAN, WEPRIN, SAYEGH, SEPTIMO, DAVILA, STECK,  REYES  --  read
   once  and  referred  to  the  Committee on Banks -- recommitted to the
   Committee on Banks in accordance with Assembly Rule 3, sec. 2
 
 AN ACT to amend the banking law, in relation  to  establishing  criteria
   for the closure of banking accounts in the state of New York
 
   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-ii  to
 read as follows:
   §  9-II.  CLOSURE  OF  ACCOUNTS. ALL BANKING ORGANIZATIONS AND OUT-OF-
 STATE STATE BANKS AUTHORIZED TO OPERATE AND MAINTAIN  BRANCHES  PURSUANT
 TO ARTICLE FIVE-C OF THIS CHAPTER WHEN CLOSING THE ACCOUNT OF A CUSTOMER
 SHALL:
   (A)  PROVIDE  SIXTY  DAYS'  NOTICE  THAT SUCH ACCOUNT IS BEING CLOSED,
 WHETHER FOR PERSONAL OR BUSINESS USE, AND PROVIDE THE  REASON  FOR  SUCH
 CLOSURE;  PROVIDED  THAT  NOTHING  IN THIS SECTION SHALL BE CONSTRUED TO
 PREEMPT ANY FEDERAL LAW THAT PROHIBITS DISCLOSURE OF THE REASON  FOR  AN
 ACCOUNT CLOSURE; AND
   (B)  RETURN  ANY  REMAINING  FUNDS FROM SUCH ACCOUNT WITHIN SIXTY DAYS
 AFTER THE CLOSURE OF SUCH ACCOUNT TO THE OWNER.
   § 2. This act shall take effect immediately.
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14062-02-4

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