Assembly Bill A3224

2015-2016 Legislative Session

Requires banks to send account notifications in certain circumstances

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2015-A3224 (ACTIVE) - Details

See Senate Version of this Bill:
S7741
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Add ยงยง135 & 458, Bank L
Versions Introduced in Other Legislative Sessions:
2011-2012: A9250
2013-2014: A785
2017-2018: A5413, S4602
2019-2020: A4023, S2807
2021-2022: A8914, S5815
2023-2024: A1478, S2769

2015-A3224 (ACTIVE) - Summary

Requires banks to send account notifications in certain circumstances.

2015-A3224 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  3224

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            January 22, 2015
                               ___________

Introduced by M. of A. WEPRIN -- read once and referred to the Committee
  on Banks

AN ACT to amend the banking law, in relation to requiring banks to noti-
  fy customers of account overdrafts in certain circumstances

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The banking law is amended by adding a new section  135  to
read as follows:
  S  135.  ACCOUNT  NOTIFICATIONS.  1. WHERE A BANKING INSTITUTION UNDER
THIS ARTICLE OFFERS ITS CUSTOMERS OR DEPOSITORS OVERDRAFT PROTECTION, OR
ANY OTHER SIMILAR SERVICE WHEREIN THE BANKING INSTITUTION CHARGES A  FEE
TO  PREVENT  ACCOUNT  PENALTIES FOR INSUFFICIENT FUNDS, SUCH INSTITUTION
SHALL NOTIFY  SUCH  CUSTOMER  OR  DEPOSITOR  WHENEVER  SUCH  SERVICE  IS
EMPLOYED TO PREVENT ACCOUNT PENALTIES.
  2. A BANKING INSTITUTION SHALL IMMEDIATELY NOTIFY A CUSTOMER OR DEPOS-
ITOR  OF  THE  INSUFFICIENCY  OF  FUNDS  IN SUCH INDIVIDUAL'S ACCOUNT OR
ACCOUNTS VIA ELECTRONIC MAIL, OR IF THE INDIVIDUAL PREFERS, THROUGH  ANY
OTHER  METHOD  OF  NOTIFICATION.  SUCH NOTIFICATION SHALL STATE THAT THE
BANK'S OVERDRAFT SERVICE HAS GONE INTO EFFECT AND SHALL  LIST  ANY  FEES
AND PENALTIES ASSOCIATED WITH SUCH SERVICE.
  S 2. The banking law is amended by adding a new section 458 to read as
follows:
  S  458.  ACCOUNT  NOTIFICATIONS.  1. WHERE A BANKING INSTITUTION UNDER
THIS ARTICLE OFFERS ITS CUSTOMERS OR DEPOSITORS OVERDRAFT PROTECTION, OR
ANY OTHER SIMILAR SERVICE WHEREIN THE BANKING INSTITUTION CHARGES A  FEE
TO  PREVENT  ACCOUNT  PENALTIES FOR INSUFFICIENT FUNDS, SUCH INSTITUTION
SHALL NOTIFY  SUCH  CUSTOMER  OR  DEPOSITOR  WHENEVER  SUCH  SERVICE  IS
EMPLOYED TO PREVENT ACCOUNT PENALTIES.
  2. A BANKING INSTITUTION SHALL IMMEDIATELY NOTIFY A CUSTOMER OR DEPOS-
ITOR  OF  THE  INSUFFICIENCY  OF  FUNDS  IN SUCH INDIVIDUAL'S ACCOUNT OR
ACCOUNTS VIA ELECTRONIC MAIL, OR IF THE INDIVIDUAL PREFERS, THROUGH  ANY

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07345-01-5

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