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NY A02243
Bill
Status
1/14/2011
Primary Sponsor
Annie Rabbitt
Click for details
AI Summary
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Banking organizations, foreign banking corporations, savings and loan associations, and credit unions must send written notification to all joint tenants each time a joint tenant withdraws or transfers an amount equal to or greater than fifty percent of the joint account's total value.
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The banking board shall promulgate rules and regulations requiring that joint tenants of newly established accounts be informed at the time of account establishment about the account terms, conditions, and consequences of the joint tenancy relationship.
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Rules and regulations shall not be construed as increasing or diminishing the rights or liability of any person or entity.
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The act takes effect immediately upon enactment.
Legislative Description
Requires certain institutions to notify joint tenants when more than fifty percent of the value of a joint account's withdrawals are made from joint accounts.
Last Action
referred to banks
1/4/2012