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NY A09787
Bill
Status
Introduced
4/5/2012
Primary Sponsor
Annette Robinson
Click for details
AI Summary
- 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
- Applies to all agreements entered into on or after January 1, 2013
- Covers all banking institutions including state and federally chartered banks, trust companies, savings banks, savings and loan associations, and credit unions
- Defines "consumer account" as accounts used primarily for personal, family, or household purposes
- Banking institutions complying with federal Electronic Funds Transfer Act provisions are deemed compliant with state law requirements
- 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 thirteen permit or require the transfer of any amount as a penalty or final payment after a stop payment notice has been given.
Last Action
substituted by s219a
6/18/2012
Committee Referrals
Rules6/14/2012
Codes5/1/2012
Banks4/5/2012
Full Bill Text
No bill text available