Bill Text: NY A09659 | 2021-2022 | General Assembly | Introduced
Bill Title: Requires financial institutions to send a written notification of overdraft fees charged to account holders every 180 days.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Vetoed) 2022-12-16 - tabled [A09659 Detail]
Download: New_York-2021-A09659-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 9659 IN ASSEMBLY March 28, 2022 ___________ Introduced by M. of A. FAHY -- read once and referred to the Committee on Banks AN ACT to amend the banking law, in relation to requiring a written notification of overdraft fees charged to certain account holders 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-z to 2 read as follows: 3 § 9-z. Fees based on overdraft of account; notification. 1. Notwith- 4 standing any other provision of law or rule or regulation to the contra- 5 ry, any financial institution subject to the provisions of this chapter, 6 including any bank, trust company, savings bank, savings and loan asso- 7 ciation, credit union, mortgage broker, mortgage banker, or other 8 investment entity, whether headquartered within or outside the state, 9 which provides an account to a customer shall provide written notice of 10 fees charged due to overdraft of an account every one hundred eighty 11 days. Such notice shall include: 12 (a) dates and amounts of overdraft fees; 13 (b) the total amount charged; 14 (c) information on the customer's ability to negotiate fees; and 15 (d) a telephone number and full contact information for a represen- 16 tative of the financial institution responsible for resolving any matter 17 relating to such fee. 18 2. A notification by electronic means shall satisfy the writing 19 requirement for the purposes of this section if such option is selected 20 by the account holder. 21 § 2. This act shall take effect January 1, 2023. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD11577-06-2