Assembly Bill A9597

2019-2020 Legislative Session

Relates to establishing limitations on bank accounts after such accounts have been closed

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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2019-A9597 (ACTIVE) - Details

See Senate Version of this Bill:
S6919
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd §9-i, Bank L
Versions Introduced in Other Legislative Sessions:
2021-2022: A240, S134
2023-2024: A6320, S1065

2019-A9597 (ACTIVE) - Summary

Relates to establishing limitations on bank accounts after such accounts have been closed including opening or re-opening such account, requesting a deposit or withdrawal or assessing certain fees.

2019-A9597 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9597
 
                           I N  A S S E M B L Y
 
                             January 27, 2020
                                ___________
 
 Introduced  by  M.  of  A.  ZEBROWSKI  --  read once and referred to the
   Committee on Banks
 
 AN ACT to amend the banking law, in relation to establishing limitations
   on bank accounts after such account has been closed
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1. Section 9-i of the banking law, as added by chapter 646 of
 the laws of 1985, is amended to read as follows:
   § 9-i. Close-out fees prohibited in certain cases; POST-CLOSING  LIMI-
 TATIONS.   1. No banking institution, as that term is defined in section
 nine-f of this [chapter] ARTICLE, shall charge its customers a  fee  for
 the withdrawal of all funds from any account resulting in the closing of
 such  account  provided  that such account was opened for a period of at
 least one hundred eighty consecutive days prior to its closing.
   2. NO BANKING INSTITUTION, AS THAT TERM IS DEFINED IN  SECTION  NINE-F
 OF  THIS  ARTICLE, AFTER THE DATE ON WHICH THE CUSTOMER IS INFORMED THAT
 AN ACCOUNT SHALL BE CLOSED SHALL:
   (A) HONOR ANY REQUEST FOR A DEPOSIT OR WITHDRAWAL WITH RESPECT TO SUCH
 ACCOUNT;
   (B) KEEP OPEN OR RE-OPEN SUCH ACCOUNT; OR
   (C) CHARGE ANY CUSTOMER OR FORMER CUSTOMER ANY FEE WITH RESPECT TO ANY
 SUCH ACCOUNT, PROVIDED THAT THE FOREGOING SHALL NOT PREVENT THE  BANKING
 INSTITUTION  FROM RECOVERING FROM SUCH CUSTOMER ANY AMOUNTS NECESSARY TO
 SATISFY A NEGATIVE BALANCE THAT EXISTED AT  THE  TIME  THE  ACCOUNT  WAS
 CLOSED.
   §  2. This act shall take effect one year after it shall have become a
 law.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14413-02-9

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