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NY A05031
Bill
Status
Engrossed
6/9/2025
Primary Sponsor
Jonathan Jacobson
Click for details
AI Summary
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Requires banks to provide 60 days' notice before closing any customer account (personal or business) and must state the reason for the closure
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Mandates that banks return all remaining funds to the account owner within 60 days after account closure
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Applies to all banking organizations and out-of-state banks authorized to operate branches in New York
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Includes exemption where federal law preempts these requirements or where compliance would conflict with federal law
Legislative Description
Establishes standards for the closure of bank accounts in the state of New York to include providing notice of closure and the return of funds to account owners.
Last Action
amended on third reading 5031b
3/12/2026
Committee Referrals
Rules6/9/2025
Rules5/19/2025
Banks2/11/2025
Full Bill Text
No bill text available