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NY A03060

Bill

Official Source

Status

Introduced

1/22/2015

Primary Sponsor

Annette Robinson

Click for details

Origin

Assembly

2015-2016 General Assembly

AI Summary

  • Amends New York Banking Law by adding Section 9-W to regulate account inactivity fees
  • Prohibits financial institutions from charging more than $5 per year to customers based on account inactivity
  • Applies to all financial institutions subject to New York Banking Law, including banks, trust companies, savings banks, savings and loan associations, credit unions, mortgage brokers, mortgage bankers, and investment entities, regardless of headquarters location
  • 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

1/6/2016

Committee Referrals

Banks1/22/2015

Full Bill Text

No bill text available