Assembly Bill A6253

2017-2018 Legislative Session

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

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-A6253 (ACTIVE) - Details

See Senate Version of this Bill:
S2712
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Add §9-x, Bank L
Versions Introduced in Other Legislative Sessions:
2011-2012: S6216
2013-2014: S3240
2015-2016: A6794, S2868
2019-2020: A3229, S5001
2021-2022: A5212, S5460
2023-2024: A2149, S6849

2017-A6253 (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.

2017-A6253 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6253
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               March 1, 2017
                                ___________
 
 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-x  to
 read as follows:
   § 9-X. 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.
   § 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.
                                                            LBD06177-01-7

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.