Senate Bill S6441

2015-2016 Legislative Session

Creates the consumer overdraft protection act

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Banks 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-S6441 (ACTIVE) - Details

Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Add Art 2-A ยงยง60 - 63, Bank L
Versions Introduced in Other Legislative Sessions:
2017-2018: S3219
2019-2020: S2133
2021-2022: S3248
2023-2024: S5016

2015-S6441 (ACTIVE) - Summary

Creates the consumer overdraft protection act to ensure that consumers are informed of their options in regard to overdraft protection.

2015-S6441 (ACTIVE) - Sponsor Memo

2015-S6441 (ACTIVE) - Bill Text download pdf

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

                                  6441

                            I N  S E N A T E

                            January 13, 2016
                               ___________

Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
  printed to be committed to the Committee on Banks

AN ACT to amend the banking law, in relation to  creating  the  consumer
  overdraft protection act

  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 article  2-A  to
read as follows:
                                ARTICLE 2-A
                    CONSUMER OVERDRAFT PROTECTION ACT
SECTION 60. LEGISLATIVE INTENT.
        61. DEFINITIONS.
        62. RESTRICTIONS ON OVERDRAFT PROTECTION PROGRAMS OR SERVICES.
        63. RESTRICTIONS ON ADVERTISING OF OVERDRAFT PROTECTION PROGRAMS
              OR SERVICES.
  S  60.  LEGISLATIVE INTENT. THE LEGISLATURE HEREBY FINDS THAT MANY NEW
YORK STATE CONSUMERS ARE NOT INFORMED  OF  OVERDRAFT  PROTECTION  AND/OR
FEES  UNTIL  AFTER  SUCH  EVENT HAS TAKEN PLACE. IT IS THE LEGISLATURE'S
INTENT TO ENSURE THAT CONSUMERS ARE INFORMED OF THEIR OPTIONS IN  REGARD
TO  OVERDRAFT  PROTECTION PRIOR TO INCURRING FEES BY ESTABLISHING APPRO-
PRIATE PROTECTIONS FOR SUCH CONSUMERS.
  S 61. DEFINITIONS. FOR PURPOSES OF THIS ARTICLE, THE  FOLLOWING  TERMS
SHALL HAVE THE FOLLOWING MEANINGS:
  1.  "OVERDRAFT  PROTECTION  FEE"  MEANS  ANY  FEE OR CHARGE IMPOSED IN
CONNECTION WITH ANY ACCOUNT ON WHICH CHECKS OR OTHER DEBITS ARE PAID  BY
THE  INSTITUTION  IN  WHICH  SUCH  ACCOUNT IS HELD EVEN THOUGH THERE ARE
INSUFFICIENT FUNDS IN THE ACCOUNT TO COVER SUCH CHECKS OR OTHER  DEBITS,
UNLESS SUCH FEE OR CHARGE:
  (A)  IS IMPOSED ON AN INCIDENTAL BASIS AS A CUSTOMER ACCOMMODATION AND
NOT MORE THAN THREE SUCH OVERDRAFT FEES ARE IMPOSED DURING ANY  CALENDAR
YEAR;
  (B)  IS  IMPOSED  IN CONNECTION WITH AN EXTENSION OF CREDIT THROUGH AN
OVERDRAFT LINE OF CREDIT THROUGH AN OVERDRAFT  LINE  OR  CREDIT  PROGRAM

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13396-01-5
              

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