Loading chat...
NY A09140
Bill
Status
11/11/2020
Primary Sponsor
Thomas Abinanti
Click for details
AI Summary
-
Requires all financial institutions subject to New York banking law to provide written notice 30 days before charging any account inactivity fee.
-
Applies to banks, trust companies, savings banks, savings and loan associations, credit unions, mortgage brokers, mortgage bankers, and other investment entities, whether headquartered in or outside New York State.
-
Notice must include a telephone number and full contact information for a financial institution representative responsible for resolving matters related to the fee.
-
Electronic mail notification satisfies the written notice requirement.
-
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
SIGNED CHAP.268
11/11/2020