Bill Text: NY A03256 | 2013-2014 | General Assembly | Introduced

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Bill Title: Requires certain institutions to notify joint tenants when more than fifty percent of the value of a joint account's withdrawals are made from joint accounts.

Spectrum: Slight Partisan Bill (Republican 2-1)

Status: (Introduced - Dead) 2013-01-24 - referred to banks [A03256 Detail]

Download: New_York-2013-A03256-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         3256
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                   January 24, 2013
                                      ___________
       Introduced by M. of A. RABBITT, STEVENSON -- Multi-Sponsored by -- M. of
         A. MONTESANO -- read once and referred to the Committee on Banks
       AN  ACT to amend the banking law, in relation to notifying joint tenants
         when certain withdrawals are made from joint accounts
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Subdivision (c) of section 675 of the banking law, as added
    2  by  chapter 777 of the laws of 1983 and paragraph one as further amended
    3  by section 104 of Part A of chapter 62 of the laws of 2011,  is  amended
    4  to read as follows:
    5    (c) THE BANKING ORGANIZATION, FOREIGN BANKING CORPORATION, SAVINGS AND
    6  LOAN  ASSOCIATION,  OR  CREDIT  UNION TRANSACTING BUSINESS IN THIS STATE
    7  SHALL SEND WRITTEN NOTIFICATION TO ALL JOINT TENANTS OF AN ACCOUNT  EACH
    8  TIME A JOINT TENANT WITHDRAWS OR TRANSFERS AN AMOUNT EQUAL TO OR GREATER
    9  THAN FIFTY PERCENT OF THE JOINT ACCOUNT'S TOTAL VALUE.
   10    (D)  1.  The superintendent of financial services shall promulgate and
   11  may from time to time amend rules and regulations which require that the
   12  joint tenants of an account established on or after the  date  on  which
   13  the rule or regulation becomes effective and representing any deposit or
   14  shares  governed  by the foregoing provisions of this section, shall, at
   15  the time the account is established be informed of the terms and  condi-
   16  tions of the account including the relationship and consequences between
   17  the  parties  in the account and the responsibilities of the institution
   18  with which the account is established.
   19    2. This subdivision or any rule or regulation thereunder shall not  be
   20  deemed or construed as increasing or diminishing the rights or liability
   21  of any person, or other entity.
   22    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD05089-01-3