Bill Text: NY S06650 | 2017-2018 | General Assembly | Introduced

Bill Title: Directs the superintendent to develop a public information campaign regarding establishment of joint deposit and convenience accounts.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2018-12-21 - SIGNED CHAP.432 [S06650 Detail]

Download: New_York-2017-S06650-Introduced.html

                STATE OF NEW YORK
                               2017-2018 Regular Sessions
                    IN SENATE
                                      June 9, 2017
        Introduced  by  Sen.  SERINO -- read twice and ordered printed, and when
          printed to be committed to the Committee on Rules
        AN ACT to amend the banking law, in  relation  to  public  awareness  of
          joint deposit and convenience accounts
          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  679  to
     2  read as follows:
     3    §  679.  Public  awareness; banking services. The superintendent shall
     4  conduct a public awareness campaign to educate  consumers  on  different
     5  banking  services  available  in  the state, particularly those that can
     6  assist vulnerable adults  in  financial  planning,  including,  but  not
     7  limited  to,  citizens of an advanced age, individuals with cognitive or
     8  developmental disabilities, or those who have health or physical  issues
     9  that  impair their financial independence. The public awareness campaign
    10  shall include information regarding the  differences  between  types  of
    11  accounts,  including  joint  and  convenience  accounts,  as well as the
    12  rights and responsibilities generally recognized for  each.  The  public
    13  awareness campaign shall also include, but not be limited to, answers to
    14  general concerns and questions that individuals may have with respect to
    15  the  establishment of certain types of accounts and services, as well as
    16  information and recommendations for obtaining more information.
    17    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.