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NY S04188
Bill
Status
11/11/2020
Primary Sponsor
Timothy Kennedy
Click for details
AI Summary
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Financial institutions must provide written notice 30 days before charging any fee based on account inactivity
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Notice must include a telephone number and full contact information for a representative responsible for resolving matters related to the fee
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Applies to all financial institutions subject to New York banking law, including banks, trust companies, credit unions, mortgage brokers, and mortgage bankers operating within or outside the state
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Electronic mail notification satisfies the writing requirement
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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
SIGNED CHAP.268
11/11/2020