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NY A03764

Bill

Official Source

Status

Introduced

1/30/2017

Primary Sponsor

Crystal Peoples-Stokes

Click for details

Origin

Assembly

2017-2018 General Assembly

AI Summary

  • Amends New York Banking Law by adding a new section 9-x prohibiting excessive inactivity fees on customer accounts
  • Caps inactivity fees at a maximum of $5 per year for all financial institutions subject to New York Banking Law, including banks, trust companies, savings banks, credit unions, mortgage brokers, and investment entities
  • Applies to all financial institutions headquartered within or outside New York State that provide accounts to customers
  • Takes effect 90 days after the bill becomes 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

1/3/2018

Committee Referrals

Banks1/30/2017

Full Bill Text

No bill text available