Bill Text: NY A02548 | 2013-2014 | General Assembly | Introduced

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Bill Title: Prohibits financial institutions from charging a fee to a customer based on account inactivity.

Spectrum: Moderate Partisan Bill (Democrat 8-1)

Status: (Introduced - Dead) 2014-01-15 - enacting clause stricken [A02548 Detail]

Download: New_York-2013-A02548-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         2548
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                   January 16, 2013
                                      ___________
       Introduced  by  M.  of  A.  GABRYSZAK, ORTIZ, GOTTFRIED, PEOPLES-STOKES,
         COLTON -- Multi-Sponsored by -- M. of A.  HOOPER,  McDONOUGH  --  read
         once and referred to the Committee on Banks
       AN  ACT  to  amend the banking law, in relation to prohibiting financial
         institutions from charging a fee  in  excess  of  five  dollars  to  a
         customer 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-v  to
    2  read as follows:
    3    S  9-V. FEES BASED ON INACTIVITY PROHIBITED. NOTWITHSTANDING ANY OTHER
    4  PROVISION OF LAW OR RULE OR REGULATION TO  THE  CONTRARY,  NO  FINANCIAL
    5  INSTITUTION  SUBJECT  TO  THE  PROVISIONS OF THIS CHAPTER, INCLUDING ANY
    6  BANK, TRUST COMPANY, SAVINGS BANK, SAVINGS AND LOAN ASSOCIATION,  CREDIT
    7  UNION,  MORTGAGE  BROKER,  MORTGAGE  BANKER, OR OTHER INVESTMENT ENTITY,
    8  WHETHER HEADQUARTERED WITHIN OR OUTSIDE THE  STATE,  WHICH  PROVIDES  AN
    9  ACCOUNT  TO  A CUSTOMER SHALL CHARGE A FEE IN EXCESS OF FIVE DOLLARS PER
   10  YEAR TO SUCH CUSTOMER BASED ON ACCOUNT INACTIVITY.
   11    S 2. This act shall take effect on the ninetieth day  after  it  shall
   12  have become a law.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD05645-01-3