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NY A05781

Bill

Official Source

Status

Introduced

3/6/2013

Primary Sponsor

Harvey Weisenberg

Click for details

Origin

Assembly

2013-2014 General Assembly

AI Summary

  • Adds Section 667 to New York Banking Law to regulate withholding of insurance claim payment funds by banking entities
  • Prohibits entities subject to banking law from withholding insurance payment funds from a customer's claim in excess of the percentage of their equity in the customer's property
  • Limits withholding to an amount equal only to the entity's percentage equity in the property
  • Effective thirty days after enactment

Legislative Description

Prohibits banking institutions from withholding insurance payment funds from a customer in excess of an amount equal to the institution's investment in the property.

Last Action

held for consideration in banks

6/9/2014

Committee Referrals

Banks3/6/2013

Full Bill Text

No bill text available