Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Oct 25, 2023 |
signed chap.556 |
Oct 13, 2023 |
delivered to governor |
Jun 01, 2023 |
returned to assembly passed senate 3rd reading cal.666 substituted for s5972 |
Jun 01, 2023 |
substituted by a5519 |
May 01, 2023 |
advanced to third reading |
Apr 26, 2023 |
2nd report cal. |
Apr 25, 2023 |
1st report cal.666 |
Mar 24, 2023 |
referred to banks |
Senate Bill S5972
Signed By Governor2023-2024 Legislative Session
Sponsored By
(D) 10th Senate District
Current Bill Status Via A5519 - Signed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
2023-S5972 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A5519
- Law Section:
- Banking Law
- Laws Affected:
- Amd §9-y, Bank L
2023-S5972 (ACTIVE) - Sponsor Memo
BILL NUMBER: S5972 SPONSOR: SANDERS TITLE OF BILL: An act to amend the banking law, in relation to authorizing the depart- ment of financial services to promulgate regulations relating to the payment of debit and credit transactions and imposition of related fees by banking organizations PURPOSE OR GENERAL IDEA OF BILL: The purpose of this bill is to require the Department of Financial Services to promulgate regulations relating to the order in which checks, debit and credit card transactions are processed and the imposi- tion of overdraft and insufficient funds charges. SUMMARY OF PROVISIONS: Section one amends section 9-y of the banking law to require the Depart- ment of Financial Services Superintendent to promulgate regulations related to:
2023-S5972 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5972 2023-2024 Regular Sessions I N S E N A T E March 24, 2023 ___________ Introduced by Sen. SANDERS -- 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 authorizing the depart- ment of financial services to promulgate regulations relating to the payment of debit and credit transactions and imposition of related fees by banking organizations THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 9-y of the banking law, as added by chapter 398 of the laws of 2021, is amended to read as follows: § 9-y. [Banking institutions to pay checks drawn therein in order of presentation] ORDER OF PAYMENT OF CHECKS AND OTHER DEBITS, INSUFFICIENT FUNDS CHARGES AND RETURN DEPOSIT ITEM CHARGES. 1. ORDER OF PAYING CHECKS. (A) Notwithstanding any law, rule or regulation to the contrary, every banking [institution] ORGANIZATION that provides CHECKING SERVICES TO consumer [checking] accounts shall either pay checks in the order wherein they are received or pay checks from smallest to largest dollar amount for each business day's transactions. [2.] (B) If a check is dishonored for insufficient funds and thereaft- er smaller checks which could be paid are received, the smaller checks shall be honored within amounts on deposit in the subject account. [3.] (C) The banking [institution] ORGANIZATION shall disclose to consumers in writing the order in which checks are drawn. The written disclosure shall be provided to the consumer at the time the account is opened and prior to any change in such policy. (D) The superintendent shall promulgate rules and regulations neces- sary for the implementation of this section. [4.] 2. REGULATION OF OTHER CONSUMER ACCOUNT TRANSACTIONS AND ASSOCI- ATED FEES. (A) THE SUPERINTENDENT SHALL HAVE THE POWER TO PRESCRIBE BY REGULATION: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10261-01-3 S. 5972 2
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