Senate Bill S5811

2021-2022 Legislative Session

Relates to prohibiting financial institutions from charging a fee for periodic paper statements

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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2021-S5811 (ACTIVE) - Details

Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Add §9-y, Bank L
Versions Introduced in Other Legislative Sessions:
2017-2018: S6865
2019-2020: S2535
2023-2024: S2877

2021-S5811 (ACTIVE) - Summary

Relates to prohibiting financial institutions from charging a fee for periodic paper statements when such statements are required for an application for public assistance.

2021-S5811 (ACTIVE) - Sponsor Memo

2021-S5811 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5811
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                              March 18, 2021
                                ___________
 
 Introduced  by  Sen.  COMRIE -- 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  prohibiting  financial
   institutions from charging a fee for periodic paper statements
 
   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-y  to
 read as follows:
   § 9-Y. FEES FOR PERIODIC PAPER STATEMENTS PROHIBITED.  NOTWITHSTANDING
 ANY  OTHER  PROVISION  OF  LAW OR RULE OR REGULATION TO THE CONTRARY, NO
 FINANCIAL INSTITUTION SUBJECT TO THE PROVISIONS OF THIS CHAPTER, INCLUD-
 ING ANY BANK, TRUST COMPANY, SAVINGS BANK, SAVINGS AND LOAN ASSOCIATION,
 CREDIT UNION, MORTGAGE BROKER,  MORTGAGE  BANKER,  OR  OTHER  INVESTMENT
 ENTITY,  WHETHER  HEADQUARTERED  WITHIN  OR  OUTSIDE  THE  STATE,  WHICH
 PROVIDES AN ACCOUNT TO A CUSTOMER SHALL CHARGE A FEE FOR PERIODIC  PAPER
 STATEMENTS  WHEN  SUCH  STATEMENTS  ARE  REQUIRED FOR AN APPLICATION FOR
 PUBLIC ASSISTANCE AS DEFINED IN SUBDIVISION NINETEEN OF SECTION  TWO  OF
 THE SOCIAL SERVICES LAW.
   §  2.  This  act shall take effect on the ninetieth day after it shall
 have become a law.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09683-01-1

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