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NY A03014

Bill

Official Source

Status

Introduced

1/21/2011

Primary Sponsor

Mark Schroeder

Click for details

Origin

Assembly

2011-2012 General Assembly

AI Summary

  • Amends Banking Law Section 9-g to require banking institutions to mail notice of set off to depositors prior to asserting any right of set off against deposit accounts, including the reasons for the set off
  • Changes the consequence of failing to provide required notice from having no effect on validity to resulting in forfeiture of the right of set off
  • Removes language allowing notice to be provided on the same business day as the set off action, requiring it to be mailed beforehand
  • Takes effect immediately upon enactment

Legislative Description

Provides that a banking institution may claim the right of set off against a deposit account if notice of the set off together with the reasons for the set off are mailed to the depositor prior to such action; provides that failure to provide such notice shall result in the forfeiture of the right of set off against the depositor.

Last Action

referred to banks

1/21/2011

Committee Referrals

Banks1/21/2011

Full Bill Text

No bill text available