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NY A10401
Bill
Status
3/23/2010
Primary Sponsor
Inez Barron
Click for details
AI Summary
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Amends Banking Law Section 9-s to prohibit agreements for preauthorized electronic fund transfers from permitting or requiring penalty or final payment transfers after a consumer gives written or oral notice to stop payment, effective January 1, 2011.
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Requires banking institutions to provide consumers the right to stop preauthorized electronic fund transfers by giving written or oral notice within a specified period of time prior to such transfer.
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Defines "banking institution" as any state or federally chartered bank, trust company, savings bank, savings and loan association, or credit union.
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Deems banking institutions in compliance with state law if they comply with stop payment provisions of the federal Electronic Funds Transfer Act and its regulations.
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Takes effect immediately upon enactment.
Legislative Description
Provides that no agreement for preauthorized electronic fund transfers entered into on or after January first, two thousand eleven shall permit or require the transfer of any amount as a penalty or final payment after a stop payment notice has been given.
Last Action
reported referred to codes
6/8/2010