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NY A07740
Bill
Status
5/11/2017
Primary Sponsor
Kenneth Zebrowski
Click for details
AI Summary
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Requires all financial institutions subject to New York banking law (banks, credit unions, mortgage brokers, and similar entities) to provide written notice 30 days before charging any account inactivity fee.
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Notice must include a telephone number and full contact information for a financial institution representative responsible for resolving matters related to the fee.
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Electronic mail notification satisfies the written notice requirement.
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Applies to financial institutions headquartered within or outside New York State.
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Takes effect 90 days after becoming law.
Legislative Description
Requires financial institutions to notify a customer thirty days prior to charging a fee based on account inactivity; requires such notice to include a telephone number and the full contact information of a representative of the financial institution responsible for resolving any matter relating to the fee.
Last Action
advanced to third reading cal.742
4/19/2018