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NY A05413

Bill

Official Source

Status

Introduced

2/8/2017

Primary Sponsor

David Weprin

Click for details

Origin

Assembly

2017-2018 General Assembly

AI Summary

  • Adds new section 135 to banking law requiring banking institutions that offer overdraft protection or similar insufficient funds fee services to notify customers whenever such service is employed
  • Requires banks to immediately notify customers of insufficient funds via electronic mail or other preferred method, including notice that overdraft service has activated and listing all associated fees and penalties
  • Adds identical requirements as new section 458 to banking law, applying the same notification standards to banking institutions
  • Takes effect immediately upon enactment

Legislative Description

Requires banks to send account notifications in certain circumstances.

Last Action

referred to banks

1/3/2018

Committee Referrals

Banks2/8/2017

Full Bill Text

No bill text available