Bill Text: NY A07650 | 2021-2022 | General Assembly | Introduced

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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: (Engrossed - Dead) 2021-06-10 - REFERRED TO RULES [A07650 Detail]

Download: New_York-2021-A07650-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          7650

                               2021-2022 Regular Sessions

                   IN ASSEMBLY

                                      May 19, 2021
                                       ___________

        Introduced by M. of A. PICHARDO -- read once and referred to the Commit-
          tee 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-y to
     2  read as follows:
     3    § 9-y. 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, 2022.


         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11577-01-1