Assembly Bill A6794

2015-2016 Legislative Session

Prohibits a service charge or minimum balance requirement for attorney trust accounts

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-A6794 (ACTIVE) - Details

Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Add ยง9-w, Bank L
Versions Introduced in Other Legislative Sessions:
2017-2018: A6253
2019-2020: A3229
2021-2022: A5212
2023-2024: A2149

2015-A6794 (ACTIVE) - Summary

Prohibits a bank or trust company from charging a service charge or requiring a minimum balance for attorney trust or IOLA accounts that are non-interest bearing in nature; defines attorney trust account.

2015-A6794 (ACTIVE) - Bill Text download pdf 

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

                                  6794

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              April 2, 2015
                               ___________

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

AN ACT to amend the banking law, in relation to attorney trust accounts

  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  9-w  to
read as follows:
  S 9-W. ATTORNEY TRUST ACCOUNTS. NOTWITHSTANDING ANY OTHER PROVISION OF
LAW  OR  RULE  OR  REGULATION  TO THE CONTRARY, NO BANK OR TRUST COMPANY
REGULATED BY THE STATE OF NEW YORK SHALL CHARGE A SERVICE FEE OR REQUIRE
A MINIMUM BALANCE ON AN ATTORNEY TRUST ACCOUNT, PROVIDED  THAT  NO  MORE
THAN  FIFTEEN  DEBIT  OR  CREDIT  TRANSACTIONS  PER  MONTH  ARE  MADE IN
CONNECTION WITH SUCH ACCOUNT AND PROVIDED, FURTHER, THAT  SUCH  ATTORNEY
TRUST  ACCOUNT IS NON-INTEREST BEARING OR IS AN IOLA (INTEREST ON LAWYER
ACCOUNTS) ACCOUNT. FOR THE PURPOSES OF THIS SECTION, AN  ATTORNEY  TRUST
ACCOUNT SHALL MEAN A SPECIAL BANKING OR CHECKING ACCOUNT REQUIRED BY LAW
OR  A RULE OF COURT FOR THE DEPOSIT OF FUNDS BELONGING TO LAW CLIENTS OR
OTHER PERSONS IN THE PRACTICE OF LAW.
  S 2. This act shall take effect on the thirtieth day  after  it  shall
have become a law.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06543-01-5

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