Loading chat...
NY A05519
Bill
Status
10/25/2023
Primary Sponsor
Pamela Hunter
Click for details
AI Summary
-
Amends Banking Law Section 9-y to authorize the superintendent of financial services to promulgate regulations governing how banking organizations process debit and credit transactions for consumer accounts.
-
Requires banking organizations to disclose in writing to consumers the order in which checks are processed, provided at account opening and before any policy changes.
-
Grants the superintendent power to regulate insufficient funds charges, returned check charges, and associated disclosures and alerts for consumer accounts.
-
Directs the superintendent to consider banking organization costs, competitive position, and maintenance of safe and sound banking practices when prescribing regulations on transaction processing and fees.
-
Takes effect immediately upon enactment.
Legislative Description
Authorizes the department of financial services to prescribe by regulation the order of payment of checks and other debts, insufficient funds charges and return deposit item charges.
Last Action
signed chap.556
10/25/2023