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NY A06253

Bill

Official Source

Status

Introduced

3/1/2017

Primary Sponsor

Latrice Walker

Click for details

Origin

Assembly

2017-2018 General Assembly

AI Summary

  • Prohibits New York state-regulated banks and trust companies from charging service fees or requiring minimum balances on attorney trust accounts
  • Applies only to non-interest bearing accounts or IOLA (Interest On Lawyer Accounts) accounts with no more than 15 debit or credit transactions per month
  • Defines attorney trust account as a special banking or checking account required by law or court rule for deposit of client or other funds in law practice
  • Takes effect 30 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

1/3/2018

Committee Referrals

Banks3/1/2017

Full Bill Text

No bill text available