Assembly Bill A5413

2017-2018 Legislative Session

Requires banks to send account notifications in certain circumstances

download bill text pdf

Sponsored By

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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

2017-A5413 (ACTIVE) - Details

See Senate Version of this Bill:
S4602
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Add §§135 & 458, Bank L
Versions Introduced in Other Legislative Sessions:
2011-2012: A9250
2013-2014: A785
2015-2016: A3224, S7741
2019-2020: A4023, S2807
2021-2022: A8914, S5815
2023-2024: A1478, S2769

2017-A5413 (ACTIVE) - Summary

Requires banks to send account notifications in certain circumstances.

2017-A5413 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5413
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 8, 2017
                                ___________
 
 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:
   §  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.
   § 2. The banking law is amended by adding a new section 458 to read as
 follows:
   §  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.

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.