Bill Text: NY A09140 | 2019-2020 | General Assembly | Introduced
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 6-0)
Status: (Passed) 2020-11-11 - SIGNED CHAP.268 [A09140 Detail]
Download: New_York-2019-A09140-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 9140 IN ASSEMBLY January 23, 2020 ___________ Introduced by M. of A. ABINANTI -- read once and referred to the Commit- tee 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