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NY A05212
Bill
Status
2/12/2021
Primary Sponsor
Latrice Walker
Click for details
AI Summary
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Prohibits New York banks and trust companies from charging service fees or requiring minimum balances on attorney trust accounts, provided the account has no more than 15 debit or credit transactions per month.
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Applies only to non-interest bearing attorney trust accounts or IOLA (interest on lawyer accounts) accounts.
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Defines attorney trust account as a special banking or checking account required by law or court rule for depositing funds belonging to law clients or other persons in the practice of law.
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Takes effect thirty 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
1/5/2022