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NY A08217
Bill
Status
6/19/2017
Primary Sponsor
Donna Lupardo
Click for details
AI Summary
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Amends Banking Law Section 675 to require the Superintendent of Financial Services to promulgate rules mandating that joint account holders be informed of account terms and conditions at the time of account establishment.
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Requires banks to inform joint account holders of convenience-only accounts as an alternative to joint tenancy accounts, including the terms, conditions, and consequences of such accounts.
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Applies this requirement only to banking institutions and foreign banking institutions that offer convenience-only accounts.
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Takes effect immediately upon enactment.
Legislative Description
Requires that banks which offer convenience accounts provide information regarding such accounts as an alternative at the time that a joint account is established.
Last Action
REFERRED TO BANKS
3/27/2018