Bill Text: NY S09348 | 2021-2022 | General Assembly | Introduced

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Bill Title: Directs the superintendent of financial services to study overdraft fees and prepare a report to be delivered to the governor, the temporary president of the senate and the speaker of the assembly.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2022-07-15 - SIGNED CHAP.380 [S09348 Detail]

Download: New_York-2021-S09348-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          9348

                    IN SENATE

                                      May 18, 2022
                                       ___________

        Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
          printed to be committed to the Committee on Banks

        AN ACT in relation to directing the superintendent of financial services
          to study overdraft fees

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  The  superintendent  of financial services, or his or her
     2  designee, shall conduct a study of overdraft fees  in  the  state.  Such
     3  study shall examine, but not be limited to:
     4    (a) the total amount of overdraft fees paid in New York;
     5    (b) geographical distribution of such fees;
     6    (c)  identify  any  communities that have high rates of overdraft fees
     7  and the possible reason for such high rates;
     8    (d) the percentage of overdraft fees reduced through direct  or  indi-
     9  rect negotiation; and
    10    (e) enumeration of consumer rights relating to fee negotiations.
    11    § 2. No later than twelve months after the effective date of this act,
    12  the  superintendent of financial services, or his or her designee, shall
    13  deliver a report of the findings of  the  study  conducted  pursuant  to
    14  section  one of this act to the governor, the temporary president of the
    15  senate and the speaker of the assembly. Such report shall be  posted  on
    16  the department of financial services' website.
    17    § 3. This act shall take effect immediately.




         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11576-01-1