Loading chat...
NY A03229
Bill
Status
1/29/2019
Primary Sponsor
Latrice Walker
Click for details
AI Summary
-
Prohibits New York-regulated banks and trust companies from charging service fees on attorney trust accounts that are non-interest bearing or IOLA (interest on lawyer accounts) accounts
-
Prohibits requiring minimum balances on such accounts, provided no more than 15 debit or credit transactions per month are made
-
Defines attorney trust account as a special banking or checking account required by law or court rule for depositing client or third-party 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
1/8/2020