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NY S04603
Bill
Status
2/10/2025
Primary Sponsor
James Sanders
Click for details
AI Summary
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Requires all banking organizations in New York to provide 60 days' notice before closing a customer's account, whether personal or business, and must state the reason for the closure
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Mandates banks return any remaining funds to the account owner within 60 days after account closure
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Applies to both New York-based banks and out-of-state banks authorized to operate branches in the state
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Includes exemption where federal law preempts state requirements, ensuring no conflict with federal banking regulations
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Takes effect immediately upon enactment
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
REFERRED TO BANKS
1/7/2026