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NY A03459
Bill
Status
Introduced
1/27/2009
Primary Sponsor
Barbara Clark
Click for details
AI Summary
- Adds new section 8-a to New York Banking Law prohibiting direct deposit agreements with employers from authorizing withdrawals by anyone other than the account owner without prior written notice
- Requires depository banking organizations to provide at least 15 days' written notice to the account owner before any unauthorized withdrawals from direct deposit accounts
- Notice must be sent by regular mail to the account owner's last known address on file
- Does not supersede withdrawals authorized by law or court order
- Takes effect immediately upon enactment
Legislative Description
Prohibits employer withdrawal from direct deposit account without notice to and permission from account owner, who must be given 15 days notice of withdrawal and must give depository bank written permission therefor; provides that this section shall not be construed to supersede any such withdrawal otherwise authorized by law or court order.
Last Action
referred to banks
1/6/2010
Committee Referrals
Banks1/27/2009
Full Bill Text
No bill text available