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NY A08691

Bill

Official Source

Status

Introduced

2/3/2014

Primary Sponsor

Annette Robinson

Click for details

Origin

Assembly

2013-2014 General Assembly

AI Summary

  • Amends New York Banking Law by adding Section 9-V to regulate inactivity fees charged by financial institutions
  • Prohibits banks, trust companies, savings banks, savings and loan associations, credit unions, mortgage brokers, mortgage bankers, and other investment entities from charging inactivity fees exceeding five dollars per year
  • Applies to all covered financial institutions regardless of whether they are headquartered in or outside New York State
  • Takes effect ninety days after becoming law

Legislative Description

Prohibits financial institutions from charging a fee in excess of five dollars to a customer based on account inactivity.

Last Action

referred to banks

2/3/2014

Committee Referrals

Banks2/3/2014

Full Bill Text

No bill text available