Bill Text: NY A01935 | 2019-2020 | General Assembly | Introduced

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Bill Title: Requires financial institutions to notify a customer thirty days prior to charging a fee based on account inactivity; requires such notice to include a telephone number and the full contact information of a representative of the financial institution responsible for resolving any matter relating to the fee.

Spectrum: Partisan Bill (Democrat 11-0)

Status: (Introduced - Dead) 2020-01-15 - enacting clause stricken [A01935 Detail]

Download: New_York-2019-A01935-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          1935
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    January 18, 2019
                                       ___________
        Introduced  by  M.  of A. ZEBROWSKI, ABINANTI, PERRY, BLAKE, RICHARDSON,
          WEPRIN, SEAWRIGHT, BICHOTTE, FAHY, COLTON -- Multi-Sponsored by --  M.
          of A.  GALEF -- read once and referred to the Committee on Banks
        AN  ACT  to  amend  the  banking law, in relation to requiring financial
          institutions to notify a customer prior to charging  a  fee  based  on
          account inactivity
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. The banking law is amended by adding a new section  9-x  to
     2  read as follows:
     3    §  9-x.  Fees  based  on inactivity; notification. Notwithstanding any
     4  other provision of law or rule or regulation to the contrary, any finan-
     5  cial institution subject to the provisions of  this  chapter,  including
     6  any  bank,  trust  company,  savings bank, savings and loan association,
     7  credit union, mortgage broker,  mortgage  banker,  or  other  investment
     8  entity,  whether  headquartered  within  or  outside  the  state,  which
     9  provides an account to a customer shall provide written  notice  of  the
    10  pending  charges  to  a  customer  thirty days prior to charging any fee
    11  based on account inactivity.  Such  notice  shall  include  a  telephone
    12  number  and  full contact information for a representative of the finan-
    13  cial institution responsible for resolving any matter  relating  to  the
    14  fee.    A  notification  by  electronic  mail  shall satisfy the writing
    15  requirement for the purposes of this section.
    16    § 2. This act shall take effect on the ninetieth day  after  it  shall
    17  have become a law.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01539-01-9