Assembly Bill A8549A

                             
                     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
              

 A. 8549                             2
 
 THE  BANKING  ORGANIZATION  OR FOREIGN BANKING CORPORATION IS SIGNED, OR
 THEY INDICATE THAT THEY ARE SPOUSES ON SUCH CONTRACT, SIGNATURE CARD  OR
 OTHER  DOCUMENT  AT  THE TIME IT IS SIGNED, AND IN FORM TO BE PAID TO OR
 DELIVERED  TO  EITHER  OF THEM, SUCH DEPOSIT OR SHARES AND ANY ADDITIONS
 THERETO MADE, BY EITHER OF SUCH PERSONS, AFTER THE MAKING THEREOF, SHALL
 BECOME THE PROPERTY OF SUCH PERSONS  AS  JOINT  TENANTS  WITH  RIGHT  OF
 SURVIVORSHIP  AND  THE  SAME,  TOGETHER  WITH ALL ADDITIONS AND ACCRUALS
 THEREON, SHALL BE HELD FOR THE EXCLUSIVE USE OF THE  PERSONS  SO  NAMED,
 AND MAY BE PAID OR DELIVERED TO EITHER DURING THE LIFETIME OF BOTH OR TO
 THE  SURVIVOR AFTER THE DEATH OF ONE OF THEM, AND SUCH PAYMENT OR DELIV-
 ERY AND THE RECEIPT OR ACQUITTANCE OF THE ONE TO WHOM  SUCH  PAYMENT  OR
 DELIVERY  IS MADE, SHALL BE A VALID AND SUFFICIENT RELEASE AND DISCHARGE
 TO THE BANKING ORGANIZATION  OR  FOREIGN  BANKING  CORPORATION  FOR  ALL
 PAYMENTS  OR  DELIVERIES MADE ON ACCOUNT OF SUCH DEPOSIT OR SHARES PRIOR
 TO THE RECEIPT BY THE BANKING ORGANIZATION  OR  FOREIGN  BANKING  CORPO-
 RATION OF NOTICE IN WRITING SIGNED BY ANY ONE OF SUCH JOINT TENANTS, NOT
 TO  PAY OR DELIVER SUCH DEPOSIT OR SHARES AND THE ADDITIONS AND ACCRUALS
 THEREON IN ACCORDANCE WITH THE TERMS THEREOF, AND AFTER RECEIPT  OF  ANY
 SUCH NOTICE, THE BANKING ORGANIZATION OR FOREIGN BANKING CORPORATION MAY
 REQUIRE  THE  RECEIPT  OR ACQUITTANCE OF BOTH SUCH JOINT TENANTS FOR ANY
 FURTHER PAYMENTS OR DELIVERY.
   2. THE MAKING OF SUCH DEPOSIT OR THE ISSUANCE OF SUCH SHARES  IN  SUCH
 FORM  SHALL,  IN THE ABSENCE OF FRAUD OR UNDUE INFLUENCE, BE PRIMA FACIE
 EVIDENCE, IN ANY ACTION OR PROCEEDING TO WHICH THE BANKING ORGANIZATION,
 FOREIGN BANKING CORPORATION, SURVIVING DEPOSITOR  OR  SHAREHOLDER  IS  A
 PARTY,  OF  THE INTENTION OF BOTH DEPOSITORS OR SHAREHOLDERS TO CREATE A
 JOINT TENANCY AND TO VEST TITLE TO SUCH DEPOSIT OR SHARES, AND ADDITIONS
 AND ACCRUALS THEREON, IN SUCH SURVIVOR. THE BURDEN OF PROOF IN  REFUTING
 SUCH  PRIMA  FACIE EVIDENCE IS UPON THE PARTY OR PARTIES CHALLENGING THE
 TITLE OF THE SURVIVOR.
   3. (A) THE SUPERINTENDENT SHALL PROMULGATE, AND MAY FROM TIME TO  TIME
 AMEND,  RULES AND REGULATIONS WHICH REQUIRE THAT THE JOINT TENANTS OF AN
 ACCOUNT ESTABLISHED ON OR AFTER THE DATE ON WHICH THE RULE OR REGULATION
 BECOMES EFFECTIVE AND REPRESENTING ANY DEPOSIT OR SHARES GOVERNED BY THE
 FOREGOING PROVISIONS OF THIS SECTION, SHALL, AT THE TIME THE ACCOUNT  IS
 ESTABLISHED,  BE  INFORMED  OF  THE  TERMS AND CONDITIONS OF THE ACCOUNT
 INCLUDING THE RELATIONSHIP AND CONSEQUENCES BETWEEN THE PARTIES  IN  THE
 ACCOUNT  AND  THE  RESPONSIBILITIES  OF  THE  INSTITUTION WITH WHICH THE
 ACCOUNT IS ESTABLISHED.
   (B) THIS SUBDIVISION OR ANY RULE OR REGULATION THEREUNDER SHALL NOT BE
 DEEMED OR CONSTRUED AS INCREASING OR DIMINISHING THE RIGHTS OR LIABILITY
 OF ANY PERSON, OR OTHER ENTITY.
   § 675-B. NON-SPOUSAL JOINT DEPOSITS AND SHARES; OWNERSHIP AND  PAYMENT
 DURING  LIFETIME  AND  AFTER  THE  DEATH  OF  THE  DEPOSITOR.   1. JOINT
 ACCOUNTS. (A) 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  ESTABLISHED AFTER THE EFFECTIVE DATE OF THIS SECTION IN
 THE NAME OF SUCH DEPOSITOR OR SHAREHOLDER AND ANOTHER PERSON OR PERSONS,
 AND IN FORM TO BE PAID OR DELIVERED TO ANY OF  THE  DEPOSITOR  OR  OTHER
 SUCH  PERSON  OR  PERSONS, IF NONE OF THE OTHER PERSONS IS THE SPOUSE OF
 THE DEPOSITOR, OR THE DEPOSITOR  HAS  NOT  INDICATED  ON  THE  CONTRACT,
 SIGNATURE  CARD  OR OTHER DOCUMENT BETWEEN THE DEPOSITOR AND THE BANKING
 ORGANIZATION OR FOREIGN BANKING CORPORATION AT THE  TIME  IT  IS  SIGNED
 THAT  ANY  OF  THE  OTHER  PERSONS  IS THE SPOUSE OF THE DEPOSITOR, SUCH
 A. 8549                             3
 
 DEPOSIT OR SHARES AND ANY ADDITIONS THERETO OR ACCRUALS THEREON  MAY  BE
 PAID OR DELIVERED TO EITHER OR ANY DURING THE LIFETIME OF THE DEPOSITOR,
 AND  SUCH  PAYMENT OR DELIVERY AND THE RECEIPT OR ACQUITTANCE OF THE ONE
 TO  WHOM  SUCH  PAYMENT OR DELIVERY IS MADE, SHALL BE A VALID AND SUFFI-
 CIENT RELEASE AND DISCHARGE TO THE BANKING ORGANIZATION FOR ALL PAYMENTS
 OR DELIVERIES MADE ON ACCOUNT OF SUCH DEPOSIT OR  SHARES  PRIOR  TO  THE
 RECEIPT  BY  THE BANKING ORGANIZATION OF NOTICE IN WRITING SIGNED BY ANY
 OF SUCH PERSONS, NOT TO PAY OR DELIVER SUCH DEPOSIT OR  SHARES  AND  THE
 ADDITIONS AND ACCRUALS THEREON IN ACCORDANCE WITH THE TERMS THEREOF, AND
 AFTER  RECEIPT  OF ANY SUCH NOTICE, THE BANKING ORGANIZATION MAY REQUIRE
 THE RECEIPT OR ACQUITTANCE OF ALL SUCH PERSONS FOR ANY FURTHER  PAYMENTS
 OR DELIVERY.
   (B)  TITLE TO THE PROPERTY ON DEPOSIT IN AN ACCOUNT DESCRIBED IN PARA-
 GRAPH (A) OF THIS SUBDIVISION OR TO THE SHARES ISSUED  AS  DESCRIBED  IN
 PARAGRAPH  (A)  OF THIS SUBDIVISION IS SOLELY IN THE DEPOSITOR NO MATTER
 THE SOURCE OF THE PROPERTY ON DEPOSIT OR USED TO ACQUIRE THE  SHARES  OR
 WHEN THE PROPERTY WAS DEPOSITED OR THE SHARES ACQUIRED.
   (C)  ON  THE DEATH OF ALL THE OTHER PERSONS DURING THE LIFETIME OF THE
 DEPOSITOR, THE PAYMENT OR DELIVERY TO THE DEPOSITOR OF ANY OR ALL OF THE
 FUNDS REMAINING IN THE ACCOUNT SHALL BE A VALID AND  SUFFICIENT  RELEASE
 TO THE BANKING ORGANIZATION.
   (D)  ON  THE  DEATH  OF THE DEPOSITOR DURING THE LIFETIME OF THE OTHER
 PERSON OR PERSONS, THE BANKING  ORGANIZATION  SHALL  DELIVER  THE  FUNDS
 REMAINING  IN  THE  ACCOUNT  IN  ACCORDANCE WITH THE CONTRACT, SIGNATURE
 CARD, OR OTHER DOCUMENT BETWEEN THE BANKING ORGANIZATION AND THE  DEPOS-
 ITOR  GOVERNING  THE  ACCOUNT,  WHICH CONTRACT, SIGNATURE CARD, OR OTHER
 DOCUMENT SHALL INCLUDE A PROVISION  GOVERNING  THE  DISPOSITION  OF  THE
 FUNDS REMAINING IN THE ACCOUNT ON THE DEATH OF THE DEPOSITOR WHICH SHALL
 BE IN SUBSTANTIALLY THE FOLLOWING FORM:
   ON  THE DEATH OF THE DEPOSITOR, {NAME}, THE FUNDS IN THE ACCOUNT SHALL
 BE DISPOSED OF AS FOLLOWS (SELECT ONE AND INITIAL):
   AS PART OF THE ESTATE OF THE  DEPOSITOR,  {NAME}  (THE  ACCOUNT  IS  A
 CONVENIENCE ACCOUNT)
   TO THE OTHER PERSON OR PERSONS {NAMES} IN EQUAL SHARES (THE ACCOUNT IS
 A SURVIVORSHIP ACCOUNT)
   (E)  IF  THE  CONTRACT,  SIGNATURE  CARD,  OR  OTHER DOCUMENT DOES NOT
 INCLUDE SUCH A PROVISION, OR IF IT DOES AND THE DEPOSITOR DID NOT SELECT
 ONE OR THE OTHER ALTERNATIVE, THE FUNDS REMAINING IN THE ACCOUNT AT  THE
 DEPOSITOR'S DEATH SHALL BE PART OF THE DEPOSITOR'S ESTATE.
   2. CONVENIENCE ACCOUNTS. IF THE DEPOSITOR HAS DESIGNATED THE INTENTION
 OR  IT IS CONCLUSIVELY PRESUMED THAT THE REMAINING FUNDS PASS AS PART OF
 THE DEPOSITOR'S ESTATE, (A) PAYMENT OR DELIVERY TO THE OTHER  PERSON  OR
 PERSONS  OF ANY OR ALL OF THE FUNDS REMAINING IN THE ACCOUNT SHALL STILL
 BE A VALID AND SUFFICIENT RELEASE TO THE BANKING  ORGANIZATION  IF  MADE
 PRIOR  TO  THE  RECEIPT BY THE BANKING ORGANIZATION OF WRITTEN NOTICE OF
 THE DEPOSITOR'S DEATH, AND (B) A BANKING ORGANIZATION  WHICH,  PRIOR  TO
 SERVICE  UPON IT OF A RESTRAINING ORDER, INJUNCTION OR OTHER APPROPRIATE
 PROCESS FROM A COURT  OF  COMPETENT  JURISDICTION  PROHIBITING  PAYMENT,
 MAKES  PAYMENT  TO THE EXECUTOR, ADMINISTRATOR OR OTHER QUALIFIED REPRE-
 SENTATIVE OF THE DECEASED DEPOSITOR'S ESTATE, SHALL, TO  THE  EXTENT  OF
 SUCH  PAYMENT, BE RELEASED FROM LIABILITY TO ANY PERSON CLAIMING A RIGHT
 TO THE FUNDS AND THE RECEIPT OR ACQUITTANCE OF THE EXECUTOR, ADMINISTRA-
 TOR OR QUALIFIED REPRESENTATIVE TO WHOM PAYMENT IS MADE SHALL BE A VALID
 AND SUFFICIENT RELEASE AND DISCHARGE OF THE BANKING ORGANIZATION.
   3. SURVIVORSHIP ACCOUNTS. IF THE DEPOSITOR HAS INDICATED THE INTENTION
 THAT THE REMAINING FUNDS PASS TO THE OTHER PERSON OR PERSONS BY RIGHT OF
 A. 8549                             4
 
 SURVIVORSHIP, PAYMENT OR DELIVERY TO THE OTHER PERSON OR PERSONS OF  ANY
 OR ALL OF THE FUNDS REMAINING IN THE ACCOUNT SHALL BE A VALID AND SUFFI-
 CIENT  RELEASE TO THE BANKING ORGANIZATION IF MADE PRIOR TO SERVICE UPON
 IT  OF A RESTRAINING ORDER, INJUNCTION OR OTHER APPROPRIATE PROCESS FROM
 A COURT OF COMPETENT JURISDICTION PROHIBITING SUCH PAYMENT.
   4. REGULATIONS OF THE SUPERINTENDENT. THE SUPERINTENDENT SHALL PROMUL-
 GATE AND MAY FROM TIME TO TIME AMEND RULES AND REGULATIONS WHICH REQUIRE
 THAT THE DEPOSITOR OF A JOINT ACCOUNT UNDER THIS SECTION BE INFORMED  OF
 THE  TERMS AND CONDITIONS OF THE ACCOUNT, INCLUDING THE RELATIONSHIP AND
 CONSEQUENCES BETWEEN THE PARTIES IN THE ACCOUNT AND THE RESPONSIBILITIES
 OF THE INSTITUTION WITH WHICH THE ACCOUNT IS ESTABLISHED.
   5. APPLICATION. (A) THIS SUBDIVISION OR ANY RULE OR REGULATION  THERE-
 UNDER  SHALL NOT BE DEEMED OR CONSTRUED AS INCREASING OR DIMINISHING THE
 RIGHTS OR LIABILITY OF ANY PERSON OR ENTITY.
   (B) THE PROVISIONS OF THIS SECTION SHALL APPLY TO ACCOUNTS ESTABLISHED
 ON OR AFTER THE EFFECTIVE DATE OF THIS SECTION.
   § 4. This act shall take effect July 1, 2026.  Effective  immediately,
 the  addition,  amendment and/or repeal of any rule or regulation neces-
 sary for the implementation of  this  act  on  its  effective  date  are
 authorized to be made and completed on or before such effective date.

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8549--B
 
                        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  --  recommitted  to  the
   Committee  on  Banks  in  accordance  with  Assembly Rule 3, sec. 2 --
   committee discharged, bill amended, ordered reprinted as  amended  and
   recommitted to said committee
 
 AN  ACT to amend the banking law, in relation to joint accounts and non-
   survivorship 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 ONLY TO ACCOUNTS ESTAB-
 LISHED BEFORE THE EFFECTIVE DATE OF SECTION SIX  HUNDRED  SEVENTY-FIVE-A
 OF THIS ARTICLE AND WHICH HAVE NOT BEEN MODIFIED ON OR AFTER SUCH EFFEC-
 TIVE  DATE BY THE ADDITION OR REMOVAL OF AN ACCOUNT OWNER OR CONVENIENCE
 SIGNER AS SUCH TERMS ARE DEFINED IN SECTION SIX  HUNDRED  SEVENTY-FIVE-A
 OF  THIS  ARTICLE; PROVIDED, HOWEVER, THAT THE DESIGNATION OR REVOCATION
 OF AUTHORITY UNDER A POWER OF ATTORNEY SHALL NOT BE DEEMED  A  MODIFICA-
 TION FOR PURPOSES OF THIS SUBDIVISION.
   §  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 ONLY TO ACCOUNTS  ESTAB-
 LISHED  BEFORE  THE EFFECTIVE DATE OF SECTION SIX HUNDRED SEVENTY-FIVE-A
 OF THIS ARTICLE AND WHICH HAVE NOT BEEN MODIFIED ON OR AFTER SUCH EFFEC-
 TIVE DATE BY THE ADDITION OR REMOVAL OF AN ACCOUNT OWNER OR  CONVENIENCE
 SIGNER  AS  SUCH TERMS ARE DEFINED IN SECTION SIX HUNDRED SEVENTY-FIVE-A
 OF THIS ARTICLE; PROVIDED, HOWEVER, THAT THE DESIGNATION  OR  REVOCATION
 OF  AUTHORITY  UNDER A POWER OF ATTORNEY SHALL NOT BE DEEMED A MODIFICA-
 TION FOR PURPOSES OF THIS SUBDIVISION.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11949-04-6
 A. 8549--B                          2
              

 
   § 3. The banking law is amended by adding a new section 675-a to  read
 as follows:
   §  675-A.  JOINT  ACCOUNTS  AND  NON-SURVIVORSHIP ACCOUNTS. 1.   DEFI-
 NITIONS. FOR THE PURPOSES OF THIS SECTION,  THE  FOLLOWING  TERMS  SHALL
 HAVE THE FOLLOWING MEANINGS:
   (A)  "ACCOUNT" MEANS A RELATIONSHIP ESTABLISHED PURSUANT TO AN ACCOUNT
 AGREEMENT BETWEEN ONE OR MORE ACCOUNT OWNERS AND A  DEPOSITORY  INSTITU-
 TION.
   (B) "ACCOUNT AGREEMENT" MEANS A RECORD, INCLUDING ANY CONTRACT, SIGNA-
 TURE  CARD, OR OTHER DOCUMENT, THAT ESTABLISHES OR GOVERNS THE TERMS AND
 CONDITIONS OF AN ACCOUNT.
   (C) "ACCOUNT OWNER" MEANS  A  NATURAL  PERSON  WHO,  PURSUANT  TO  THE
 ACCOUNT  AGREEMENT,  HOLDS  A  PRESENT OWNERSHIP INTEREST IN THE SUMS ON
 DEPOSIT, AND DOES NOT INCLUDE A PERSON AUTHORIZED ONLY  TO  TRANSACT  ON
 THE ACCOUNT AS AN AGENT OR CONVENIENCE SIGNER.
   (D)  "CONVENIENCE  SIGNER"  MEANS  A  PERSON DESIGNATED BY THE ACCOUNT
 OWNER OR OWNERS IN A CONVENIENCE SIGNER DESIGNATION TO  TRANSACT  ON  AN
 ACCOUNT  WITHOUT  ANY  OWNERSHIP INTEREST OR SURVIVORSHIP RIGHTS, ACTING
 ONLY ON BEHALF OF SUCH ACCOUNT OWNER  OR  OWNERS.  THE  AUTHORITY  OF  A
 PERSON  DESIGNATED  AS  AN ATTORNEY-IN-FACT FOR AN ACCOUNT OWNER UNDER A
 POWER OF ATTORNEY SHALL TAKE PRECEDENCE OVER AND SUPERSEDE THE AUTHORITY
 OF A CONVENIENCE SIGNER.
   (E) "CONVENIENCE SIGNER DESIGNATION" MEANS A PROVISION IN  AN  ACCOUNT
 AGREEMENT,  PURSUANT  TO  WHICH THE ACCOUNT OWNER OR OWNERS MAY AGREE TO
 AUTHORIZE ONE OR MORE PERSONS TO ACT AS CONVENIENCE SIGNERS WITH RESPECT
 TO THE ACCOUNT, IN SUBSTANTIALLY THE FOLLOWING FORM:
   "THE ACCOUNT OWNER OR OWNERS MAY (BUT NEED NOT) DESIGNATE ONE OR  MORE
 "CONVENIENCE  SIGNERS"  TO  MAKE TRANSACTIONS ON THEIR BEHALF. A CONVEN-
 IENCE SIGNER DOES NOT OWN THE ACCOUNT AND HAS NO RIGHT TO USE THE  MONEY
 FOR THEIR OWN PERSONAL BENEFIT.
   IDENTIFY THE CONVENIENCE SIGNER OR SIGNERS
   (OPTIONAL):_______________________________"
   (F)  "DEPOSITORY  INSTITUTION" MEANS A BANKING ORGANIZATION, A FOREIGN
 BANKING CORPORATION LICENSED BY THE SUPERINTENDENT TO TRANSACT  BUSINESS
 IN  THIS  STATE,  OR AN OUT-OF-STATE STATE BANK THAT OPENS OR OCCUPIES A
 BRANCH IN THIS STATE PURSUANT TO ARTICLE FIVE-C OF THIS CHAPTER.
   (G) "JOINT ACCOUNT" SHALL MEAN A PERSONAL ACCOUNT GOVERNED BY SUBDIVI-
 SION FIVE OF THIS SECTION, CREATED WHEN TWO OR MORE ACCOUNT OWNERS  HAVE
 DESIGNATED,  OR ARE PRESUMED PURSUANT TO SUBDIVISION SIX OF THIS SECTION
 TO HAVE DESIGNATED, THAT THE SUMS ON DEPOSIT  SHALL  PASS  BY  RIGHT  OF
 SURVIVORSHIP  TO THE SURVIVING ACCOUNT OWNER OR OWNERS UPON THE DEATH OF
 AN ACCOUNT OWNER.
   (H) "NET CONTRIBUTION" MEANS THE SUM OF THE DEPOSITS  MADE  BY  OR  ON
 BEHALF OF AN ACCOUNT OWNER ON AN ACCOUNT, LESS WITHDRAWALS MADE BY OR ON
 BEHALF  OF SUCH ACCOUNT OWNER WHICH HAVE NOT BEEN PAID OR APPLIED TO THE
 USE OF ANOTHER ACCOUNT OWNER ON SUCH ACCOUNT, AND A PROPORTIONATE AMOUNT
 OF ANY CHARGES DEDUCTED FROM SUCH ACCOUNT, PLUS A  PROPORTIONATE  AMOUNT
 OF  ANY  INTEREST  OR  DIVIDENDS  EARNED, WHETHER OR NOT INCLUDED IN THE
 CURRENT BALANCE. SUCH TERM INCLUDES, TO THE EXTENT PERMITTED BY APPLICA-
 BLE LAW, ANY DEPOSIT OF LIFE INSURANCE PROCEEDS ADDED TO AN  ACCOUNT  BY
 REASON  OF  THE  DEATH OF AN ACCOUNT OWNER. NET CONTRIBUTION IS RELEVANT
 ONLY TO THE DETERMINATION OF  OWNERSHIP  INTERESTS  IN  NON-SURVIVORSHIP
 ACCOUNTS PURSUANT TO SUBDIVISION FOUR OF THIS SECTION.
   (I)  "NON-SURVIVORSHIP  ACCOUNT"  MEANS A PERSONAL ACCOUNT GOVERNED BY
 SUBDIVISION FOUR OF THIS SECTION,  CREATED  WHEN  TWO  OR  MORE  ACCOUNT
 OWNERS  HAVE  DESIGNATED, OR ARE PRESUMED PURSUANT TO SUBDIVISION SIX OF
 A. 8549--B                          3
 
 THIS SECTION TO HAVE DESIGNATED, THAT THE SUMS ON DEPOSIT SHALL NOT PASS
 BY RIGHT OF SURVIVORSHIP UPON THE DEATH OF AN ACCOUNT  OWNER  AND  SHALL
 INSTEAD BE DISPOSED OF AS PART OF SUCH ACCOUNT OWNER'S ESTATE.
   (J)  "PAYMENT OR TRANSFER" MEANS ANY WITHDRAWAL, DISBURSEMENT, SETOFF,
 DEBIT, OR OTHER DISPOSITION OF SUMS ON DEPOSIT.
   (K) "PERSONAL ACCOUNT" MEANS AN ACCOUNT BETWEEN ONE  OR  MORE  NATURAL
 PERSONS  AND A DEPOSITORY INSTITUTION ESTABLISHED FOR PERSONAL OR HOUSE-
 HOLD USE AND SHALL NOT INCLUDE: (I) AN ACCOUNT ESTABLISHED FOR  A  PART-
 NERSHIP,  JOINT  VENTURE,  OR OTHER ORGANIZATION FOR A BUSINESS PURPOSE;
 (II) AN ACCOUNT CONTROLLED BY ONE OR MORE PERSONS IN AN AGENCY  CAPACITY
 OR AS A TRUSTEE FOR A CORPORATION, UNINCORPORATED ASSOCIATION, OR CHARI-
 TABLE  OR  CIVIC  ORGANIZATION; OR (III) A FIDUCIARY OR TRUST ACCOUNT IN
 WHICH THE FIDUCIARY  RELATIONSHIP  IS  ESTABLISHED  OTHER  THAN  BY  THE
 ACCOUNT AGREEMENT.
   (L)  "PERSONAL  REPRESENTATIVE"  MEANS  A  PERSONAL  REPRESENTATIVE AS
 DEFINED BY SECTION 1-2.13 OF THE ESTATES, POWERS, AND TRUSTS LAW.
   (M) "SUMS ON DEPOSIT" MEANS THE BALANCE PAYABLE ON AN ACCOUNT, INCLUD-
 ING INTEREST AND DIVIDENDS  EARNED,  WHETHER  OR  NOT  INCLUDED  IN  THE
 CURRENT  BALANCE,  AND  TO  THE  EXTENT PERMITTED BY APPLICABLE LAW, ANY
 DEPOSIT OF LIFE INSURANCE PROCEEDS ADDED TO THE ACCOUNT BY REASON OF THE
 DEATH OF AN ACCOUNT OWNER.
   (N) "SURVIVORSHIP DESIGNATION" MEANS A PROVISION GOVERNING THE  DISPO-
 SITION  OF  THE  SUMS  ON  DEPOSIT UPON THE DEATH OF AN ACCOUNT OWNER IN
 SUBSTANTIALLY THE FOLLOWING FORM:
   "ALL ACCOUNT OWNERS MUST AGREE TO THE SAME CHOICE BELOW.
   IF AN ACCOUNT OWNER DIES, WHAT HAPPENS TO THEIR SHARE OF THE MONEY  IN
 THIS ACCOUNT (SELECT ONE):
   ___ THE DECEASED ACCOUNT OWNER'S SHARE BECOMES PART OF THEIR ESTATE.
   ___  THE  DECEASED ACCOUNT OWNER'S SHARE GOES TO THE SURVIVING ACCOUNT
 OWNER OR OWNERS ON THIS ACCOUNT, IN EQUAL SHARES."
   2. ACCOUNT AGREEMENT; PAYMENT DURING LIFETIME; LIABILITY. (A)  WHEN  A
 DEPOSIT  OF  CASH,  SECURITIES  OR OTHER PROPERTY IS MADE IN OR WITH ANY
 DEPOSITORY INSTITUTION IN A PERSONAL ACCOUNT, ESTABLISHED IN THE NAME OF
 MORE THAN ONE PERSON OR MODIFIED BY ADDING OR REMOVING AN ACCOUNT  OWNER
 OR  CONVENIENCE  SIGNER  AFTER  THE EFFECTIVE DATE OF THIS SECTION, SUCH
 DEPOSITORY INSTITUTION SHALL ESTABLISH AN ACCOUNT AGREEMENT, WHICH SHALL
 INCLUDE, AT MINIMUM, A SURVIVORSHIP DESIGNATION AND A CONVENIENCE SIGNER
 DESIGNATION.
   (B) A DEPOSITORY INSTITUTION SHALL EXECUTE  AND  MAINTAIN  AN  ACCOUNT
 AGREEMENT  REQUIRED  BY THIS SECTION FOR AS LONG AS SUCH ACCOUNT REMAINS
 OPEN AND FOR A PERIOD OF SIX YEARS AFTER IT IS CLOSED.
   (C) DURING THE LIFETIME OF ALL ACCOUNT OWNERS, OWNERSHIP INTERESTS  IN
 THE SUMS ON DEPOSIT SHALL BE GOVERNED BY THE ACCOUNT AGREEMENT.
   (D)  UPON THE DEATH OF AN ACCOUNT OWNER DURING THE LIFETIME OF ANOTHER
 ACCOUNT OWNER ON THE ACCOUNT, THE DEPOSITORY INSTITUTION  SHALL  DISPOSE
 OF THE SUMS ON DEPOSIT PURSUANT TO THE ACCOUNT AGREEMENT.
   (E)  THE  SURVIVORSHIP  DESIGNATION AND CONVENIENCE SIGNER DESIGNATION
 SHALL CONSTITUTE A SINGLE, UNIFORM DESIGNATION APPLICABLE TO ALL ACCOUNT
 OWNERS, AND SHALL BE EXECUTED BY EACH SUCH ACCOUNT OWNER.
   (F) PAYMENT OR TRANSFER BY A DEPOSITORY  INSTITUTION  TO  ANY  ACCOUNT
 OWNER OR CONVENIENCE SIGNER NAMED ON A JOINT ACCOUNT OR NON-SURVIVORSHIP
 ACCOUNT PURSUANT TO THE ACCOUNT AGREEMENT SHALL DISCHARGE SUCH DEPOSITO-
 RY INSTITUTION FROM LIABILITY TO THE EXTENT OF SUCH PAYMENT OR TRANSFER;
 PROVIDED,  HOWEVER, THAT A DEPOSITORY INSTITUTION THAT FAILS TO PROPERLY
 ESTABLISH OR MAINTAIN THE ACCOUNT AGREEMENT, INCLUDING  BY  OMITTING  OR
 FAILING  TO PROPERLY EXECUTE OR MAINTAIN THE SURVIVORSHIP DESIGNATION OR
 A. 8549--B                          4
 
 CONVENIENCE SIGNER DESIGNATION AS REQUIRED BY THIS SECTION, SHALL NOT BE
 DISCHARGED OF LIABILITY TO THE EXTENT OF SUCH PAYMENT OR TRANSFER.
   (G) NOTHING IN THIS SECTION SHALL BE CONSTRUED TO REQUIRE A DEPOSITORY
 INSTITUTION  TO  INVESTIGATE  OR VERIFY AN ACCOUNT OWNER'S INTENT BEYOND
 THE FACE OF THE ACCOUNT AGREEMENT, OR TO REQUIRE ANY OFFICER,  EMPLOYEE,
 OR  AGENT THEREOF TO PROVIDE LEGAL, TAX, OR ESTATE PLANNING ADVICE TO AN
 ACCOUNT OWNER OR ANY OTHER PERSON.
   (H) NO OFFICER, EMPLOYEE, OR AGENT OF A DEPOSITORY  INSTITUTION  SHALL
 BE  PERSONALLY LIABLE FOR ANY ACT OR OMISSION TAKEN IN GOOD FAITH AND IN
 THE ORDINARY COURSE OF SUCH  PERSON'S  DUTIES  IN  CONNECTION  WITH  THE
 ESTABLISHMENT, EXPLANATION, MAINTENANCE, OR IMPLEMENTATION OF AN ACCOUNT
 AGREEMENT UNDER THIS SECTION, INCLUDING WITH RESPECT TO THE EXECUTION OR
 MAINTENANCE OF AN ACCOUNT AGREEMENT, PROVIDED THAT SUCH OFFICER, EMPLOY-
 EE, OR AGENT DID NOT ENGAGE IN WILLFUL MISCONDUCT.
   (I)  FAILURE  TO  PROPERLY  ESTABLISH, EXECUTE, OR MAINTAIN AN ACCOUNT
 AGREEMENT PURSUANT TO THIS SECTION SHALL CONSTITUTE A VIOLATION OF  THIS
 ARTICLE  AND  MAY  BE  SUBJECT TO CIVIL PENALTIES, CORRECTIVE ACTION, OR
 OTHER ENFORCEMENT MEASURES IMPOSED BY THE SUPERINTENDENT.
   3. NOTICE; COMPETING CLAIMS; COURT ORDERS.  (A)  PAYMENT  OR  TRANSFER
 MADE  PURSUANT  TO  THE  ACCOUNT  AGREEMENT SHALL DISCHARGE A DEPOSITORY
 INSTITUTION OF LIABILITY TO THE EXTENT  OF  SUCH  PAYMENT  OR  TRANSFER,
 WHETHER OR NOT SUCH PAYMENT OR TRANSFER IS CONSISTENT WITH THE OWNERSHIP
 INTERESTS  IN THE SUMS ON DEPOSIT AS BETWEEN ACCOUNT OWNERS OR ANY OTHER
 PERSONS CLAIMING AN INTEREST THEREIN, UNLESS AND UNTIL  SUCH  DEPOSITORY
 INSTITUTION RECEIVES:
   (I)  WRITTEN  NOTICE FROM AN ACCOUNT OWNER OR FROM THE PERSONAL REPRE-
 SENTATIVE OF A DECEASED ACCOUNT OWNER'S ESTATE DIRECTING THAT PAYMENT OR
 TRANSFER PURSUANT TO THE ACCOUNT AGREEMENT SHOULD NOT BE PERMITTED,  AND
 THE  DEPOSITORY  INSTITUTION  HAS HAD A REASONABLE OPPORTUNITY TO ACT ON
 SUCH NOTICE; OR
   (II) SERVICE OF A RESTRAINING ORDER, INJUNCTION, OR OTHER  APPROPRIATE
 PROCESS  ISSUED BY A COURT OF COMPETENT JURISDICTION PROHIBITING PAYMENT
 OR TRANSFER.
   (B) UPON RECEIPT OF WRITTEN NOTICE OR SERVICE OF PROCESS  PURSUANT  TO
 THIS  SUBDIVISION,  A  DEPOSITORY  INSTITUTION MAY IN GOOD FAITH REFUSE,
 WITHOUT LIABILITY, TO MAKE FURTHER PAYMENT OR TRANSFER PURSUANT  TO  THE
 ACCOUNT  AGREEMENT  AND MAY REQUIRE THE ACKNOWLEDGMENT OR CONSENT OF ALL
 ACCOUNT OWNERS ON THE ACCOUNT AS A CONDITION OF  MAKING  ANY  SUBSEQUENT
 PAYMENT OR TRANSFER.
   (C)  EXCEPT AS PROVIDED IN THIS SECTION OR BY OTHER APPLICABLE LAW, NO
 OTHER INFORMATION OR COMMUNICATION AVAILABLE TO A DEPOSITORY INSTITUTION
 SHALL AFFECT ITS RIGHT TO PROTECTION UNDER THIS SECTION.
   (D) NOTHING IN THIS SECTION SHALL BE CONSTRUED TO REQUIRE A DEPOSITORY
 INSTITUTION TO DETERMINE THE VALIDITY OR PRIORITY OF CLAIMS TO THE  SUMS
 ON DEPOSIT.
   (E)  PROTECTION  OF  A DEPOSITORY INSTITUTION UNDER THIS SECTION SHALL
 NOT AFFECT THE RIGHTS OF ACCOUNT OWNERS  OR  OTHER  PERSONS  TO  RESOLVE
 DISPUTES BETWEEN THEMSELVES, INCLUDING DISPUTES CONCERNING THE OWNERSHIP
 OR PAYMENT OR TRANSFER OF THE SUMS ON DEPOSIT.
   (F)  NOTHING  IN  THIS  SECTION SHALL BE CONSTRUED TO ALTER, LIMIT, OR
 IMPAIR ANY RIGHT OR REMEDY THAT AN ACCOUNT OWNER  OR  OTHER  PERSON  MAY
 HAVE  AGAINST  ANOTHER ACCOUNT OWNER OR OTHER PERSON WITH RESPECT TO THE
 SUMS ON DEPOSIT OR ANY PAYMENT OR TRANSFER MADE FROM AN ACCOUNT.
   (G) NOTHING IN THIS SECTION SHALL BE CONSTRUED TO VALIDATE OR  AUTHOR-
 IZE  ANY  PAYMENT OR TRANSFER THAT IS OTHERWISE UNLAWFUL, OR TO LIMIT OR
 IMPAIR ANY REMEDY AVAILABLE UNDER LAW  WITH  RESPECT  TO  A  PAYMENT  OR
 A. 8549--B                          5
 
 TRANSFER  RESULTING FROM FRAUD, UNDUE INFLUENCE, ELDER ABUSE, OR LACK OF
 AUTHORITY.
   4. NON-SURVIVORSHIP ACCOUNTS. (A) WHERE THE ACCOUNT OWNERS HAVE DESIG-
 NATED,  OR  IT  IS PRESUMED PURSUANT TO SUBDIVISION SIX OF THIS SECTION,
 THAT THE SUMS ON DEPOSIT SHALL BE DISPOSED OF  AS  PART  OF  AN  ACCOUNT
 OWNER'S  ESTATE  UPON  DEATH, THE ACCOUNT IS A NON-SURVIVORSHIP ACCOUNT,
 AND TITLE TO AN ACCOUNT OWNER'S NET CONTRIBUTION TO THE SUMS ON  DEPOSIT
 SHALL  REMAIN  SOLELY  IN  SUCH  ACCOUNT  OWNER DURING LIFE AND SHALL BE
 DISPOSED OF AS PART OF SUCH ACCOUNT OWNER'S ESTATE UPON DEATH.
   (B) (I) UPON RECEIPT OF WRITTEN NOTICE OF AN  ACCOUNT  OWNER'S  DEATH,
 AND  PRIOR  TO  RECEIPT  OF  WRITTEN NOTICE FROM AN ACCOUNT OWNER OR THE
 PERSONAL REPRESENTATIVE OF A DECEASED ACCOUNT OWNER STATING THAT PAYMENT
 OR TRANSFER PURSUANT TO THE ACCOUNT AGREEMENT SHALL NOT BE PERMITTED, OR
 SERVICE UPON A DEPOSITORY INSTITUTION OF A  RESTRAINING  ORDER,  INJUNC-
 TION, OR OTHER APPROPRIATE PROCESS ISSUED BY A COURT OF COMPETENT JURIS-
 DICTION  PROHIBITING  PAYMENT,  PAYMENT  OR  TRANSFER MADE TO A PERSONAL
 REPRESENTATIVE OF AN ACCOUNT OWNER'S  ESTATE  PURSUANT  TO  THE  ACCOUNT
 AGREEMENT  SHALL DISCHARGE SUCH DEPOSITORY INSTITUTION FROM LIABILITY TO
 THE EXTENT OF SUCH PAYMENT OR TRANSFER.
   (II) ANY PAYMENT OR TRANSFER MADE BY A SURVIVING ACCOUNT  OWNER  AFTER
 THE  DEATH  OF  ANOTHER  ACCOUNT OWNER SHALL BE SUBJECT TO THE RIGHTS OF
 SUCH DECEASED ACCOUNT OWNER'S ESTATE, AND NOTHING IN THIS SECTION  SHALL
 BE  CONSTRUED  TO  CONFER  UPON  A SURVIVING ACCOUNT OWNER ANY OWNERSHIP
 INTEREST IN A DECEASED ACCOUNT OWNER'S NET CONTRIBUTION TO THE  SUMS  ON
 DEPOSIT  IN  A NON-SURVIVORSHIP ACCOUNT, EXCEPT AS OTHERWISE PROVIDED BY
 LAW.
   5. JOINT ACCOUNTS. (A) WHERE ALL ACCOUNT OWNERS HAVE DESIGNATED, OR IT
 IS PRESUMED PURSUANT TO SUBDIVISION SIX OF THIS SECTION, THAT  THE  SUMS
 ON  DEPOSIT  SHALL PASS TO THE OTHER ACCOUNT OWNER OR OWNERS BY RIGHT OF
 SURVIVORSHIP, THE ACCOUNT SHALL BE A JOINT  ACCOUNT,  AND  SUCH  ACCOUNT
 OWNERS'  TITLE  TO THE SUMS ON DEPOSIT SHALL BE A JOINT TENANCY WITH THE
 RIGHT OF SURVIVORSHIP.
   (B) (I) TITLE TO THE SUMS ON DEPOSIT AFTER THE  DEATH  OF  AN  ACCOUNT
 OWNER SHALL BE IN THE SURVIVING ACCOUNT OWNER OR OWNERS IN EQUAL SHARES,
 REGARDLESS OF THE SOURCE OF THE PROPERTY ON DEPOSIT OR WHEN SUCH PROPER-
 TY WAS DEPOSITED, AND PAYMENT OR TRANSFER TO THE OTHER SURVIVING ACCOUNT
 OWNER OR OWNERS OF ANY OR ALL OF THE SUMS ON DEPOSIT SHALL DISCHARGE THE
 DEPOSITORY  INSTITUTION  FROM LIABILITY TO THE EXTENT OF SUCH PAYMENT OR
 TRANSFER.
   (II) ANY PAYMENT OR TRANSFER IN A JOINT ACCOUNT MADE  BY  A  SURVIVING
 ACCOUNT  OWNER  AFTER  THE  DEATH  OF ANOTHER ACCOUNT OWNER SHALL NOT BE
 SUBJECT TO THE RIGHTS OF SUCH DECEASED ACCOUNT OWNER'S ESTATE, AND NOTH-
 ING IN THIS SECTION SHALL BE CONSTRUED TO LIMIT OR  IMPAIR  A  SURVIVING
 ACCOUNT  OWNER'S  OWNERSHIP  INTEREST  IN THE SUMS ON DEPOSIT ARISING BY
 RIGHT OF SURVIVORSHIP IN A JOINT ACCOUNT, EXCEPT AS  OTHERWISE  PROVIDED
 BY LAW.
   (C) A TRANSFER RESULTING FROM THE APPLICATION OF THIS SECTION SHALL BE
 EFFECTIVE  BY  REASON  OF  THE ACCOUNT AGREEMENT AND BY OPERATION OF LAW
 PURSUANT TO THIS SECTION AND SHALL NOT BE  TESTAMENTARY  OR  SUBJECT  TO
 ESTATE ADMINISTRATION.
   6.  PRESUMPTIONS.  IF AN ACCOUNT AGREEMENT DOES NOT INCLUDE A PROPERLY
 EXECUTED SURVIVORSHIP DESIGNATION AS REQUIRED BY  THIS  SECTION,  OR  IF
 SUCH  SURVIVORSHIP DESIGNATION IS NOT MAINTAINED IN ACCORDANCE WITH THIS
 SECTION OR CONTAINS CONFLICTING OR INCOMPLETE  PROVISIONS,  THE  ACCOUNT
 SHALL  BE  PRESUMED  TO  BE A NON-SURVIVORSHIP ACCOUNT, UNLESS CLEAR AND
 CONVINCING EVIDENCE ESTABLISHES THAT  THE  ACCOUNT  OWNERS  INTENDED  TO
 A. 8549--B                          6
 
 CREATE  A  RIGHT  OF  SURVIVORSHIP;  PROVIDED, HOWEVER, THAT IF THE ONLY
 ACCOUNT OWNERS ON  SUCH  ACCOUNT  ARE  SPOUSES,  THE  ACCOUNT  SHALL  BE
 PRESUMED  TO  BE  A  JOINT ACCOUNT, UNLESS CLEAR AND CONVINCING EVIDENCE
 ESTABLISHES A CONTRARY INTENT.
   7. REGULATIONS OF THE SUPERINTENDENT. THE SUPERINTENDENT SHALL PROMUL-
 GATE,  AND  MAY FROM TIME TO TIME AMEND, RULES AND REGULATIONS AS NECES-
 SARY TO IMPLEMENT THIS SECTION, INCLUDING RULES REQUIRING  THAT  ACCOUNT
 OWNERS  OF JOINT ACCOUNTS AND NON-SURVIVORSHIP ACCOUNTS BE PROVIDED WITH
 CLEAR INFORMATION REGARDING THE TERMS AND CONDITIONS OF  SUCH  ACCOUNTS,
 THE  LEGAL RELATIONSHIP AMONG ACCOUNT OWNERS AND THE ROLE OF THE DEPOSI-
 TORY INSTITUTION WITH RESPECT TO SUCH ACCOUNTS.
   8. SEVERABILITY. IF ANY CLAUSE, SENTENCE, PARAGRAPH OR SUBDIVISION  OF
 THIS SECTION SHALL BE ADJUDGED BY ANY COURT OF COMPETENT JURISDICTION TO
 BE  INVALID,  SUCH  JUDGMENT SHALL NOT AFFECT, IMPAIR, OR INVALIDATE THE
 REMAINDER THEREOF, BUT SHALL BE CONFINED IN ITS OPERATION TO THE CLAUSE,
 SENTENCE, PARAGRAPH OR SUBDIVISION  THEREOF  DIRECTLY  INVOLVED  IN  THE
 CONTROVERSY IN WHICH SUCH JUDGMENT SHALL HAVE BEEN RENDERED. IT IS HERE-
 BY  DECLARED TO BE THE INTENT OF THE LEGISLATURE THAT THIS SECTION WOULD
 HAVE BEEN ENACTED EVEN IF SUCH INVALID PROVISIONS HAD NOT BEEN  INCLUDED
 HEREIN.
   §  4.  The superintendent of financial services shall promulgate rules
 and regulations necessary to implement the provisions of  sections  one,
 two  and  three  of  this  act no later than one year after this section
 shall have become a law.
   § 5. This act shall take effect immediately; provided, however, that:
   (a) sections one, two and three of this act shall take effect  on  the
 one hundred eightieth day after the superintendent of financial services
 has promulgated the rules and regulations required under section four of
 this act;
   (b) the superintendent of financial services shall notify the legisla-
 tive bill drafting commission upon the occurrence of the promulgation of
 the  rules  and  regulations provided for in section four of this act in
 order that the commission may maintain an accurate and timely  effective
 data  base  of the official text of the laws of the state of New York in
 furtherance of effectuating the provisions of section 44 of the legisla-
 tive law and section 70-b of the public officers law; and
   (c) effective immediately, the addition, amendment  and/or  repeal  of
 any rule or regulation necessary for the implementation of sections one,
 two  and  three of this act on their effective date are authorized to be
 made and completed on or before such effective date.