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NY A03224

Bill

Official Source

Status

Introduced

1/22/2015

Primary Sponsor

David Weprin

Click for details

Origin

Assembly

2015-2016 General Assembly

AI Summary

  • Banks offering overdraft protection or similar fee-based services to prevent insufficient fund penalties must notify customers whenever such service is activated
  • Customers must receive immediate notification of insufficient funds via email, or through another method if preferred
  • Notification must state that the bank's overdraft service has taken effect and list all associated fees and penalties
  • Requirements apply to banking institutions under two separate sections of banking law (new sections 135 and 458)
  • Act takes effect immediately upon passage

Legislative Description

Requires banks to send account notifications in certain circumstances.

Last Action

referred to banks

1/6/2016

Committee Referrals

Banks1/22/2015

Full Bill Text

No bill text available