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NY S01055
Bill
Status
3/18/2010
Primary Sponsor
John Bonacic
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 provides written or oral notice to stop payment, effective January 1, 2011
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Requires banking institutions (state/federally chartered banks, trust companies, savings banks, savings and loan associations, and credit unions) to provide consumers the right to stop preauthorized transfers from consumer accounts within a specified period of time
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Deems any banking institution in compliance with the federal Electronic Funds Transfer Act and its regulations to be in compliance with these state provisions
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Applies to consumer accounts used primarily for personal, family, or household purposes
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
referred to banks
3/18/2010