Senate Bill S2877A

2023-2024 Legislative Session

Prohibits certain financial institutions from charging a fee for periodic paper statements

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Current Bill Status - In Senate Committee Rules 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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Bill Amendments

2023-S2877 - Details

See Assembly Version of this Bill:
A5019
Current Committee:
Senate Rules
Law Section:
Banking Law
Laws Affected:
Add §9-aa, Bank L
Versions Introduced in Other Legislative Sessions:
2017-2018: S6865
2019-2020: S2535
2021-2022: S5811

2023-S2877 - Summary

Prohibits certain financial institutions from charging a fee for periodic paper statements when such statements are required for an application for public assistance.

2023-S2877 - Sponsor Memo

2023-S2877 - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2877
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 25, 2023
                                ___________
 
 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-aa  to
 read as follows:
   §  9-AA. FEES FOR PERIODIC PAPER STATEMENTS PROHIBITED.  NOTWITHSTAND-
 ING 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.
                                                            LBD04605-01-3

2023-S2877A (ACTIVE) - Details

See Assembly Version of this Bill:
A5019
Current Committee:
Senate Rules
Law Section:
Banking Law
Laws Affected:
Add §9-aa, Bank L
Versions Introduced in Other Legislative Sessions:
2017-2018: S6865
2019-2020: S2535
2021-2022: S5811

2023-S2877A (ACTIVE) - Summary

Prohibits certain financial institutions from charging a fee for periodic paper statements when such statements are required for an application for public assistance.

2023-S2877A (ACTIVE) - Sponsor Memo

2023-S2877A (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  2877--A
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 25, 2023
                                ___________
 
 Introduced  by  Sen.  COMRIE -- read twice and ordered printed, and when
   printed to be committed to the Committee on Banks  --  recommitted  to
   the  Committee  on  Banks  in accordance with Senate Rule 6, sec. 8 --
   committee discharged, bill amended, ordered reprinted as  amended  and
   recommitted to said committee

 AN  ACT  to  amend  the  banking law, in relation to prohibiting certain
   financial institutions from charging a fee for periodic  paper  state-
   ments
 
   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-aa  to
 read as follows:
   §  9-AA.  FEES  FOR PERIODIC PAPER STATEMENTS PROHIBITED.  1. NOTWITH-
 STANDING ANY OTHER PROVISION OF LAW OR RULE OR REGULATION TO THE CONTRA-
 RY, NO FINANCIAL INSTITUTION SUBJECT TO THE PROVISIONS OF THIS  CHAPTER,
 INCLUDING  ANY BANKING ORGANIZATION, MORTGAGE BROKER OR MORTGAGE BANKER,
 INTERSTATE BRANCH ESTABLISHED PURSUANT TO ARTICLE FIVE-C OF  THIS  CHAP-
 TER, OR OTHER INVESTMENT ENTITY SUBJECT TO REGULATION BY THE DEPARTMENT,
 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. IF ANY PROVISION OF THIS SECTION OR ITS APPLICATION TO  ANY  PERSON
 OR  CIRCUMSTANCE  IS  HELD INVALID, THE INVALIDITY DOES NOT AFFECT OTHER
 PROVISIONS OR APPLICATION OF THIS SECTION  WHICH  CAN  BE  GIVEN  EFFECT
 WITHOUT  THE  INVALID  PROVISION  OR  APPLICATION,  AND  TO THIS END THE
 PROVISIONS OF THIS SECTION ARE SEVERABLE.
   § 2. This act shall take effect on the one hundred eightieth day after
 it shall have become a law.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04605-03-4

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