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NY A02549

Bill

Official Source

Status

Introduced

1/16/2013

Primary Sponsor

Dennis Gabryszak

Click for details

Origin

Assembly

2013-2014 General Assembly

AI Summary

  • Adds new section 9-V to New York Banking Law requiring financial institutions to provide written notice thirty days before charging any fee based on account inactivity
  • Applies to all financial institutions subject to the Banking Law, including banks, trust companies, savings banks, savings and loan associations, credit unions, mortgage brokers, mortgage bankers, and investment entities, whether headquartered in or outside New York
  • Notice must include a telephone number and full contact information for a financial institution representative responsible for resolving matters related to the inactivity fee
  • Becomes effective ninety days after enactment into law

Legislative Description

Requires financial institutions to notify a customer thirty days prior to charging a fee based on account inactivity; such notice shall include a telephone number and the full contact information of a representative of the financial institution responsible for resolving any matter relating to the fee.

Last Action

enacting clause stricken

1/15/2014

Committee Referrals

Banks1/16/2013

Full Bill Text

No bill text available