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NY A06794
Bill
Status
4/2/2015
Primary Sponsor
Latrice Walker
Click for details
AI Summary
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Prohibits banks and trust companies regulated by New York State from charging service fees or requiring minimum balances on attorney trust accounts that are non-interest bearing or IOLA (Interest On Lawyer Accounts)
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Applies only when no more than 15 debit or credit transactions per month are made in connection with the attorney trust account
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Defines attorney trust account as a special banking or checking account required by law or court rule for deposits of funds belonging to law clients or other persons in law practice
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Takes effect thirty days after becoming law
Legislative Description
Prohibits a bank or trust company from charging a service charge or requiring a minimum balance for attorney trust or IOLA accounts that are non-interest bearing in nature; defines attorney trust account.
Last Action
referred to banks
1/6/2016