NY A00171

Amends Banking Law Section 389 to require maturity notices for installment or accumulative prepaid shares include itemized information: dollar amount in the account at maturity, interest rate being earned, and names of all account holders and beneficiaries.

Adds new Banking Law Section 245-A applying the same maturity notice requirements to banks, including itemized listing of account value, interest rate, and account holder/beneficiary names.

Adds new Banking Law Section 460-A applying identical maturity notice requirements to credit unions regarding their matured shares.

Maintains existing provisions allowing banks and credit unions to convert matured shares to another class if shareholders fail to accept payment, convert shares, or file withdrawal applications within 60 days of notice.

Takes effect immediately upon enactment.