New York State Assembly

 
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S04188 Summary:

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S04188 Memo:

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S04188 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          4188
 
                               2019-2020 Regular Sessions
 
                    IN SENATE
 
                                      March 4, 2019
                                       ___________
 
        Introduced  by  Sen. KENNEDY -- 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  requiring  financial
          institutions  to  notify  a  customer prior to charging a fee based on
          account inactivity

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.  The banking law is amended by adding a new section 9-x to
     2  read as follows:
     3    § 9-x. Fees based on  inactivity;  notification.  Notwithstanding  any
     4  other provision of law or rule or regulation to the contrary, any finan-
     5  cial  institution  subject  to the provisions of this chapter, including
     6  any bank, trust company, savings bank,  savings  and  loan  association,
     7  credit  union,  mortgage  broker,  mortgage  banker, or other investment
     8  entity,  whether  headquartered  within  or  outside  the  state,  which
     9  provides  an  account  to a customer shall provide written notice of the
    10  pending charges to a customer thirty days  prior  to  charging  any  fee
    11  based  on  account  inactivity.  Such  notice  shall include a telephone
    12  number and full contact information for a representative of  the  finan-
    13  cial  institution  responsible  for resolving any matter relating to the
    14  fee.   A notification by  electronic  mail  shall  satisfy  the  writing
    15  requirement for the purposes of this section.
    16    §  2.  This  act shall take effect on the ninetieth day after it shall
    17  have become a law.
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01539-01-9

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