NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A3168
SPONSOR: Ortiz TITLE OF BILL:
An act to amend the banking law, in relation to requiring posting notice
of the department of financial services toll free consumer's hotline
telephone number
PURPOSE OR GENERAL IDEA OF BILL:
This bill would ensure that financial consumers are aware of where to
file a complaint against a banking institution.
SUMMARY OF SPECIFIC PROVISIONS:
This bill would add a new paragraph (b) to subdivision 8 of section 14-f
of the banking law, requiring banking institutions to post notice of the
department's toll free consumer's hotline telephone number.
JUSTIFICATION:
When problems arise while using an automated teller machine, when
dissatisfied with the service provided, or when there is a language
barrier that hinders communication, a consumer may not know where to
turn. This bill would ensure that consumers are aware that the Depart-
ment of Financial Services has a toll-free hotline number that handles
these types of complaints.
PRIOR LEGISLATIVE HISTORY:
2009/10: A5134 Held in Banks
2011/12: A1394A Referred to Codes
2013/14: A4882 Referred to Banks
2015/16: A8347 Referred to Codes
2017/18: A3389 Passed Assembly
FISCAL IMPLICATIONS:
None
EFFECTIVE DATE:
120 days after enactment
STATE OF NEW YORK
________________________________________________________________________
3168
2019-2020 Regular Sessions
IN ASSEMBLY
January 28, 2019
___________
Introduced by M. of A. ORTIZ, WEPRIN, BLAKE -- read once and referred to
the Committee on Banks
AN ACT to amend the banking law, in relation to requiring posting notice
of the department of financial services toll free consumer's hotline
telephone number
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The opening paragraph of subdivision 8 of section 14-f of
2 the banking law is designated paragraph (a) and a new paragraph (b) is
3 added to read as follows:
4 (b) Where a banking institution posts in the public area of its
5 offices the notices for information required in paragraph (a) of this
6 subdivision, it shall also post equally conspicuous notice in such
7 public areas and in the same manner, of the department's toll free
8 consumer's hotline telephone number, where consumers can file complaints
9 if a consumer is not satisfied with the services a banking institution
10 provides.
11 § 2. This act shall take effect on the one hundred twentieth day after
12 it shall have become a law.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD07264-01-9
