Bill Text: NY S06919 | 2019-2020 | General Assembly | Introduced

New York Senate Bill 6919 (Prior Session Legislation)

Introduced

Bill Title: Relates to establishing limitations on bank accounts after such accounts have been closed including opening or re-opening such account, requesting a deposit or withdrawal or assessing certain fees.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Introduced - Dead) 2020-12-28 - COMMITTED TO RULES [S06919 Detail]

Download: New_York-2019-S06919-Introduced.html




                STATE OF NEW YORK
        ________________________________________________________________________

                                          6919

                               2019-2020 Regular Sessions

                    IN SENATE

                                    December 20, 2019
                                       ___________

        Introduced  by  Sen.  MAYER  -- 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 establishing limitations
          on bank accounts after such account has been closed

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

     1    Section  1. Section 9-i of the banking law, as added by chapter 646 of
     2  the laws of 1985, is amended to read as follows:
     3    § 9-i. Close-out fees prohibited in certain cases; post-closing  limi-
     4  tations.   1. No banking institution, as that term is defined in section
     5  nine-f of this [chapter] article, shall charge its customers a  fee  for
     6  the withdrawal of all funds from any account resulting in the closing of
     7  such  account  provided  that such account was opened for a period of at
     8  least one hundred eighty consecutive days prior to its closing.
     9    2. No banking institution, as that term is defined in  section  nine-f
    10  of  this  article, after the date on which the customer is informed that
    11  an account shall be closed shall:
    12    (a) honor any request for a deposit or withdrawal with respect to such
    13  account;
    14    (b) keep open or re-open such account; or
    15    (c) charge any customer or former customer any fee with respect to any
    16  such account, provided that the foregoing shall not prevent the  banking
    17  institution  from recovering from such customer any amounts necessary to
    18  satisfy a negative balance that existed at  the  time  the  account  was
    19  closed.
    20    §  2. This act shall take effect one year after it shall have become a
    21  law.


         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14413-02-9