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NY A02149
Bill
Status
1/23/2023
Primary Sponsor
Latrice Walker
Click for details
AI Summary
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Prohibits New York state-regulated banks and trust companies from charging service fees on attorney trust accounts and IOLA (interest on lawyer accounts) accounts.
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Eliminates minimum balance requirements for attorney trust accounts provided they are non-interest bearing or IOLA accounts.
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Applies the fee and balance exemptions only when no more than fifteen debit or credit transactions per month are made on the account.
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Defines attorney trust account as a special banking or checking account required by law or court rule for deposit of client funds in law practice.
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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
1/3/2024