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NY A07696
Bill
Status
4/8/2025
Primary Sponsor
Latrice Walker
Click for details
AI Summary
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Prohibits New York-regulated banks and trust companies from charging service fees or requiring minimum balances on attorney trust accounts
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Applies only to accounts with no more than 15 debit or credit transactions per month
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Covers non-interest bearing accounts and IOLA (Interest on Lawyer Accounts) accounts
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Defines attorney trust accounts as special banking or checking accounts required by law or court rules for depositing funds belonging to law clients or other persons in legal practice
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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
referred to banks
1/7/2026