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NY S06849
Bill
Status
5/11/2023
Primary Sponsor
Kevin Parker
Click for details
AI Summary
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Prohibits New York state-regulated 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 deposit of funds belonging to law clients or other persons in the practice of law.
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Takes effect 30 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
COMMITTED TO RULES
6/7/2024