Assembly Bill A8549A

2025-2026 Legislative Session

Relates to joint spousal and non-spousal accounts and convenience accounts

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Current Bill Status - In Assembly Committee


  • 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

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Bill Amendments

2025-A8549 - Details

Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd §§675 & 678, add §§675-a & 675-b, Bank L

2025-A8549 - Summary

Enacts provisions for the establishment and administration of joint spousal and non-spousal accounts and shares and convenience accounts.

2025-A8549 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8549
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 20, 2025
                                ___________
 
 Introduced by M. of A. LAVINE -- read once and referred to the Committee
   on Banks
 
 AN  ACT to amend the banking law, in relation to spousal and non-spousal
   joint accounts and convenience accounts
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  Section 675 of the banking law is amended by adding a new
 subdivision (d) to read as follows:
   (D) THE PROVISIONS OF THIS SECTION SHALL APPLY TO ACCOUNTS ESTABLISHED
 BEFORE THE EFFECTIVE DATE OF SECTIONS SIX HUNDRED SEVENTY-FIVE-A AND SIX
 HUNDRED SEVENTY-FIVE-B OF THIS ARTICLE AND WHICH HAVE NOT BEEN  MODIFIED
 BY ADDING OR DELETING A SIGNATORY TO SUCH ACCOUNT ON OR AFTER THE EFFEC-
 TIVE  DATE  OF  SUCH SECTIONS SIX HUNDRED SEVENTY-FIVE-A AND SIX HUNDRED
 SEVENTY-FIVE-B.
   § 2. Section 678 of the banking law is amended by adding a new  subdi-
 vision 3 to read as follows:
   3.  THE PROVISIONS OF THIS SECTION SHALL APPLY TO ACCOUNTS ESTABLISHED
 BEFORE THE EFFECTIVE DATE OF SECTIONS SIX HUNDRED SEVENTY-FIVE-A AND SIX
 HUNDRED SEVENTY-FIVE-B OF THIS ARTICLE.
   § 3. The banking law is amended by adding two new sections  675-a  and
 675-b to read as follows:
   §  675-A.    SPOUSAL  JOINT DEPOSITS AND SHARES; OWNERSHIP AND PAYMENT
 DURING LIFETIME AND AFTER THE DEATH OF ONE OF THE SPOUSES.   1.  WHEN  A
 DEPOSIT  OF  CASH,  SECURITIES  OR OTHER PROPERTY IS MADE IN OR WITH ANY
 BANKING ORGANIZATION OR FOREIGN BANKING CORPORATION TRANSACTING BUSINESS
 IN THIS STATE OR SHARES ARE ISSUED IN ANY SAVING AND LOAN ASSOCIATION OR
 CREDIT UNION TRANSACTING BUSINESS IN THIS STATE, IN  AN  ACCOUNT  ESTAB-
 LISHED  AFTER  THE  EFFECTIVE  DATE  OF THIS SECTION IN THE NAME OF SUCH
 DEPOSITOR OR SHAREHOLDER AND ANOTHER PERSON, AND THE DEPOSITOR AND  SUCH
 OTHER PERSON ARE THE ONLY PARTIES TO THE ACCOUNT AND THEY ARE SPOUSES AT
 THE TIME THE CONTRACT, SIGNATURE CARD OR OTHER DOCUMENT BETWEEN THEM AND
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11949-02-5
              

2025-A8549A (ACTIVE) - Details

Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd §§675 & 678, add §§675-a & 675-b, Bank L

2025-A8549A (ACTIVE) - Summary

Enacts provisions for the establishment and administration of joint spousal and non-spousal accounts and shares and convenience accounts.

2025-A8549A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8549--A
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 20, 2025
                                ___________
 
 Introduced by M. of A. LAVINE -- read once and referred to the Committee
   on  Banks  -- committee discharged, bill amended, ordered reprinted as
   amended and recommitted to said committee
 
 AN ACT to amend the banking law, in relation to spousal joint  accounts,
   non-spousal accounts and convenience accounts

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 675 of the banking law is amended by adding  a  new
 subdivision (d) to read as follows:
   (D) THE PROVISIONS OF THIS SECTION SHALL APPLY TO ACCOUNTS ESTABLISHED
 BEFORE THE EFFECTIVE DATE OF SECTIONS SIX HUNDRED SEVENTY-FIVE-A AND SIX
 HUNDRED  SEVENTY-FIVE-B OF THIS ARTICLE AND WHICH HAVE NOT BEEN MODIFIED
 BY ADDING OR DELETING A SIGNATORY TO SUCH ACCOUNT ON OR AFTER THE EFFEC-
 TIVE DATE OF SUCH SECTIONS SIX HUNDRED SEVENTY-FIVE-A  AND  SIX  HUNDRED
 SEVENTY-FIVE-B.
   §  2. Section 678 of the banking law is amended by adding a new subdi-
 vision 3 to read as follows:
   3. THE PROVISIONS OF THIS SECTION SHALL APPLY TO ACCOUNTS  ESTABLISHED
 BEFORE THE EFFECTIVE DATE OF SECTIONS SIX HUNDRED SEVENTY-FIVE-A AND SIX
 HUNDRED SEVENTY-FIVE-B OF THIS ARTICLE.
   §  3.  The banking law is amended by adding two new sections 675-a and
 675-b to read as follows:
   § 675-A. SPOUSAL JOINT DEPOSITS  AND  SHARES;  OWNERSHIP  AND  PAYMENT
 DURING  LIFETIME  AND  AFTER  THE DEATH OF ONE OF THE SPOUSES. 1. WHEN A
 DEPOSIT OF CASH, SECURITIES OR OTHER PROPERTY IS MADE  IN  OR  WITH  ANY
 BANKING ORGANIZATION OR FOREIGN BANKING CORPORATION TRANSACTING BUSINESS
 IN THIS STATE OR SHARES ARE ISSUED IN ANY SAVING AND LOAN ASSOCIATION OR
 CREDIT  UNION  TRANSACTING  BUSINESS IN THIS STATE, IN AN ACCOUNT ESTAB-
 LISHED AFTER THE EFFECTIVE DATE OF THIS SECTION  IN  THE  NAME  OF  SUCH
 DEPOSITOR  OR SHAREHOLDER AND ANOTHER PERSON, AND THE DEPOSITOR AND SUCH
 OTHER PERSON ARE THE ONLY PARTIES TO THE ACCOUNT AND THEY ARE SPOUSES AT
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11949-03-5
              

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