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NY A03256
Bill
Status
1/24/2013
Primary Sponsor
Annie Rabbitt
Click for details
AI Summary
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Requires banking organizations, foreign banking corporations, savings and loan associations, and credit unions to send written notification to all joint tenants each time a joint tenant withdraws or transfers an amount equal to or greater than 50 percent of the joint account's total value
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Directs the superintendent of financial services to promulgate rules and regulations requiring that joint tenants of newly established accounts be informed at account establishment of the account's terms, conditions, and the relationship and consequences between parties
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Clarifies that this provision does not increase or diminish the rights or liability of any person or entity
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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
1/24/2013