| Assembly Actions - Lowercase Senate Actions - UPPERCASE |
|
|---|---|
| Jan 18, 2023 | referred to banks delivered to assembly passed senate |
| Jan 17, 2023 | ordered to third reading cal.82 reported and committed to rules |
| Jan 09, 2023 | referred to banks |
senate Bill S1065
2023-2024 Legislative Session
Sponsored By
Shelley B. Mayer
(D, WF) 37th Senate District
Current Bill Status - Passed Senate
- Introduced
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
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Actions
Votes
Co-Sponsors
John C. Liu
(D) 16th Senate District
S1065 (ACTIVE) - Details
S1065 (ACTIVE) - Sponsor Memo
BILL NUMBER: S1065 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 reopening the account, or (3) charging fees with respect to such account.
S1065 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
1065
2023-2024 Regular Sessions
I N S E N A T E
January 9, 2023
___________
Introduced by Sen. MAYER -- 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.
LBD00941-01-3
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