S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  9383--A
     Cal. No. 1305
 
                             I N  S E N A T E
 
                               May 14, 2024
                                ___________
 
 Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Banks -- reported  favora-
   bly  from  said committee, ordered to first and second report, ordered
   to a third reading, amended and ordered reprinted, retaining its place
   in the order of third reading

 AN ACT to amend the banking law, in relation to  establishing  multiple-
   person accounts; and to repeal certain provisions of such law relating
   thereto
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 675 of the banking law is amended by adding  a  new
 subdivision (d) to read as follows:
   (D)  THIS  SECTION  SHALL NOT APPLY TO ACCOUNTS ESTABLISHED AFTER JULY
 FIRST, TWO THOUSAND TWENTY-FIVE IN NEW YORK STATE FOR PERSONAL USE.
   § 2. Section 678 of the banking law is REPEALED and a new section  678
 is added to read as follows:
   §  678.  MULTIPLE-PERSON  ACCOUNTS;  PERSONAL  ACCOUNT  OWNERSHIP  AND
 PAYMENT.  1. DEFINITIONS. NOTWITHSTANDING ANY OTHER PROVISIONS  OF  LAW,
 FOR THE PURPOSES OF THIS SECTION:
   (A)  "ACCOUNT" MEANS A CONTRACT OF DEPOSIT BETWEEN ONE OR MORE ACCOUNT
 OWNERS AND A BANK.
   (B) "ADMINISTER" MEANS, IN CONNECTION WITH THE ACCOUNT SIGNATURE CARD,
 A BANK OFFERING THE ACCOUNT SIGNATURE CARD TO ONE OR MORE ACCOUNT OWNERS
 UPON ESTABLISHING OR CHANGING THE TERMS OF A SINGLE-OWNER  OR  MULTIPLE-
 PERSON  ACCOUNT  AND PROVIDING INFORMATION TO HELP SUCH ACCOUNT OWNER OR
 OWNERS TO UNDERSTAND AND COMPLETE SUCH ACCOUNT SIGNATURE CARD;  PROVIDED
 HOWEVER, THAT NOTHING IN THIS SECTION SHALL BE CONSTRUED TO REQUIRE BANK
 PERSONNEL TO PROVIDE LEGAL OR ESTATE PLANNING ADVICE TO AN ACCOUNT OWNER
 OR OWNERS PURSUANT TO THIS SECTION.
   (C)  "ACCOUNT  OWNER"  MEANS A PERSON WHO, BY THE TERMS OF AN ACCOUNT,
 HAS A PRESENT RIGHT, SUBJECT TO REQUEST, TO  PAYMENT  FROM  THE  ACCOUNT
 OTHER THAN AN AUTHORIZED SIGNER.
   (D)  "ACCOUNT  SIGNATURE CARD" MEANS THE FOLLOWING CONTRACT OF DEPOSIT
 ESTABLISHING THE TERMS OF A SINGLE-OWNER OR MULTIPLE-PERSON  ACCOUNT  IN
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

                       [ ] is old law to be omitted.
                                                            LBD14475-06-4
 S. 9383--A                          2
 
 THE  FOLLOWING  FORM,  OR A SUBSTANTIALLY EQUIVALENT FORM IN THE ACCOUNT
 OWNER'S PRIMARY LANGUAGE,  IN  FOURTEEN-POINT  TYPE,  PUBLISHED  BY  THE
 DEPARTMENT  OF  FINANCIAL  SERVICES,  WHETHER  IN PHYSICAL OR ELECTRONIC
 WRITTEN FORM:
 
                          ACCOUNT SIGNATURE CARD
 THIS IS AN IMPORTANT LEGAL DOCUMENT. THE SELECTIONS BELOW WILL DETERMINE
 WHO OWNS THE FUNDS IN THIS ACCOUNT AND HOW SUCH FUNDS WILL PASS UPON THE
 DEATH OF AN ACCOUNT OWNER. YOU MAY WISH TO CONSULT AN ATTORNEY.
 
   I. ACCOUNT OWNER(S). IDENTIFY THE ACCOUNT OWNER OR OWNERS.
 
   EACH  ACCOUNT  OWNER'S  SHARE  OF  THE ACCOUNT FUNDS IS EQUAL TO THEIR
 DEPOSITS MINUS THEIR WITHDRAWALS. THE BANK IS NOT RESPONSIBLE FOR DETER-
 MINING SHARES AND MAY PAY FUNDS TO ANY IDENTIFIED ACCOUNT OWNER.
 
 1. ____________________________________________________________________

 2. ____________________________________________________________________
 
 3. ____________________________________________________________________
 
   II. AUTHORIZED SIGNER(S). IDENTIFY THE AUTHORIZED  SIGNER  OR  SIGNERS
 (OPTIONAL).
 
   THE  ACCOUNT  OWNER OR OWNERS MAY (BUT NEED NOT) DESIGNATE ONE OR MORE
 "AUTHORIZED SIGNERS" TO MAKE ACCOUNT TRANSACTIONS FOR THEIR CONVENIENCE.
 AN AUTHORIZED SIGNER HAS NO RIGHT TO TAKE POSSESSION OF ACCOUNT FUNDS OR
 USE SUCH FUNDS FOR PERSONAL BENEFIT. WHILE ANY ACCOUNT OWNER LIVES,  THE
 BANK MAY PAY FUNDS TO ANY IDENTIFIED AUTHORIZED SIGNER.
 
 1. ____________________________________________________________________
 
 2. ____________________________________________________________________

 3. ____________________________________________________________________
 
   III. DISPOSITION OF ACCOUNT WITH MULTIPLE OWNERS UPON DEATH.
 
   ONLY  ANSWER  THE  FOLLOWING QUESTION IF THE ACCOUNT HAS MORE THAN ONE
 OWNER. SHOULD A DECEASED ACCOUNT OWNER'S SHARE OF THE ACCOUNT FUNDS PASS
 TO THE OTHER SURVIVING ACCOUNT OWNER OR OWNERS?
 
   ____ NO. A DECEASED ACCOUNT OWNER'S SHARE OF THE ACCOUNT FUNDS  SHOULD
 BE DISPOSED OF AS PART OF SUCH OWNER'S ESTATE.
 
   ____ YES. A DECEASED ACCOUNT OWNER'S SHARE OF THE ACCOUNT FUNDS SHOULD
 PASS TO THE SURVIVING ACCOUNT OWNER OR OWNERS.
 
                     SIGNATURE BLOCK AND NOTARIZATION
 
 ACCOUNT  OWNER(S) AND AUTHORIZED SIGNER(S) MUST SIGN AND DATE BELOW. ANY
 SIGNATURE BELOW MUST BE ACKNOWLEDGED BEFORE A NOTARY  PUBLIC  TO  ENSURE
 ITS VALIDITY IF THIS SIGNATURE CARD HAS NOT BEEN ADMINISTERED BY A BANK.
 S. 9383--A                          3
 
 BY  SIGNING  BELOW,  I  ACKNOWLEDGE THAT I HAVE REVIEWED EACH SECTION OF
 THIS FORM AND  UNDERSTAND  THE  OWNERSHIP  RIGHTS  ASSOCIATED  WITH  THE
 ACCOUNT SELECTIONS ABOVE. I HAVE MARKED THE TYPE OF ACCOUNT I WANT.
 
 ACCOUNT OWNER SIGNATURE ________________________________ DATE ________
 
 BY  SIGNING  BELOW,  I  ACKNOWLEDGE THAT I HAVE REVIEWED EACH SECTION OF
 THIS FORM AND  UNDERSTAND  THE  OWNERSHIP  RIGHTS  ASSOCIATED  WITH  THE
 ACCOUNT  SELECTIONS  ABOVE. AS AN AUTHORIZED SIGNER, I UNDERSTAND THAT I
 DO NOT OWN THE FUNDS IN THIS ACCOUNT AND HAVE NO RIGHT TO USE SUCH FUNDS
 FOR MY PERSONAL BENEFIT OR TO TAKE POSSESSION  OF  SUCH  FUNDS  UPON  AN
 ACCOUNT OWNER'S DEATH.
 
 AUTHORIZED SIGNER(S) SIGNATURE  ________________________ DATE _______
 
   (E)  "AUTHORIZED  SIGNER"  MEANS  A  PERSON AUTHORIZED TO MAKE ACCOUNT
 TRANSACTIONS FOR THE CONVENIENCE OF AN ACCOUNT OWNER BUT  WHO  DOES  NOT
 OWN THE ACCOUNT AND HAS NO BENEFICIAL RIGHT TO SUMS ON DEPOSIT.
   (F)  "AUTHORIZED  SIGNER  DESIGNATION"  MEANS  THE  DESIGNATION  OF AN
 AUTHORIZED SIGNER IN AN ACCOUNT  PAYABLE  ON  REQUEST  TO  ONE  OR  MORE
 ACCOUNT OWNERS.
   (G)  "CONTRACT  OF  DEPOSIT" MEANS A WRITTEN DOCUMENT ESTABLISHING THE
 TERMS OF AN ACCOUNT BETWEEN A BANK AND ONE OR MORE ACCOUNT OWNERS.
   (H) "DISTRIBUTEE" MEANS A DISTRIBUTEE AS DEFINED IN SECTION  1-2.5  OF
 THE ESTATES, POWERS AND TRUSTS LAW.
   (I)  "BANK"  SHALL MEAN A BANK AS DEFINED IN SECTION TWO OF THIS CHAP-
 TER, CREDIT UNION, SAVINGS BANK, PRIVATE BANKER, SAVINGS AND LOAN  ASSO-
 CIATION, FOREIGN BANKING CORPORATION LICENSED BY THE SUPERINTENDENT, AND
 INTERSTATE  BRANCH  ESTABLISHED PURSUANT TO ARTICLE FIVE-C OF THIS CHAP-
 TER.
   (J) "MULTIPLE-OWNER ACCOUNT" MEANS AN ACCOUNT PAYABLE  ON  REQUEST  TO
 TWO OR MORE ACCOUNT OWNERS.
   (K)  "MULTIPLE-PERSON ACCOUNT" MEANS (1) ANY MULTIPLE-OWNER ACCOUNT OR
 (2) A SINGLE-OWNER ACCOUNT WITH AN AUTHORIZED SIGNER DESIGNATION.
   (L) "NET CONTRIBUTION" MEANS THE SUM OF DEPOSITS MADE BY OR ON  BEHALF
 OF  AN  ACCOUNT  OWNER  LESS  WITHDRAWALS  MADE  BY OR ON BEHALF OF SUCH
 ACCOUNT OWNER WHICH HAVE NOT BEEN PAID TO  OR  APPLIED  TO  THE  USE  OF
 ANOTHER  ACCOUNT OWNER AND A PROPORTIONATE SHARE OF ANY CHARGES DEDUCTED
 FROM THE ACCOUNT, PLUS A PROPORTIONATE SHARE OF ANY  INTEREST  OR  DIVI-
 DENDS  EARNED, WHETHER OR NOT INCLUDED IN THE CURRENT BALANCE. SUCH TERM
 INCLUDES ANY DEPOSIT OF LIFE INSURANCE PROCEEDS ADDED TO THE ACCOUNT  BY
 REASON  OF DEATH OF THE ACCOUNT OWNER WHOSE NET CONTRIBUTION IS IN QUES-
 TION.
   (M) "PAYMENT OF SUMS ON DEPOSIT"  OR  "PAYMENT"  MEANS  WITHDRAWAL  OR
 PAYMENT  TO  AN ACCOUNT OWNER, AUTHORIZED SIGNER OR THIRD PERSON AUTHOR-
 IZED BY THE ACCOUNT OWNER TO MAKE TRANSACTIONS PURSUANT TO REQUEST.
   (N) "PERSON" MEANS AN  INDIVIDUAL,  A  CORPORATION,  ORGANIZATION,  OR
 OTHER LEGAL ENTITY.
   (O)  "PERSONAL  REPRESENTATIVE"  MEANS  A  PERSONAL  REPRESENTATIVE AS
 DEFINED IN SECTION 2-1.13 OF THE ESTATES, POWERS AND TRUSTS LAW.
   (P) "RECEIVE", AS IT RELATES TO NOTICE TO A BANK, MEANS RECEIPT IN THE
 OFFICE OR BRANCH OFFICE OF THE BANK IN WHICH THE ACCOUNT IS ESTABLISHED.
   (Q) "REQUEST" MEANS A REQUEST FOR PAYMENT COMPLYING WITH ALL TERMS  OF
 THE  ACCOUNT  AND ACCOUNT SIGNATURE CARD, INCLUDING SPECIAL REQUIREMENTS
 CONCERNING NECESSARY SIGNATURES AND REGULATION OF THE BANK.
 S. 9383--A                          4

   (R) "SINGLE-OWNER ACCOUNT" MEANS AN ACCOUNT PAYABLE ON REQUEST TO  ONE
 ACCOUNT OWNER.
   (S)  "SUMS  ON  DEPOSIT"  MEANS  THE  BALANCE  PAYABLE ON THE ACCOUNT,
 INCLUDING INTEREST AND DIVIDENDS EARNED, WHETHER OR NOT INCLUDED IN  THE
 CURRENT  BALANCE AND ANY DEPOSIT OF LIFE INSURANCE PROCEEDS ADDED TO THE
 ACCOUNT BY REASON OF DEATH OF AN ACCOUNT OWNER.
   (T) "TERMS OF THE ACCOUNT" MEANS THE CONTRACT  OF  DEPOSIT,  INCLUDING
 THE  ACCOUNT  SIGNATURE  CARD, AND ANY OTHER TERMS AND CONDITIONS OF THE
 DEPOSIT AGREEMENT.
   (U) "TESTAMENTARY BENEFICIARY" MEANS  A  TESTAMENTARY  BENEFICIARY  AS
 DEFINED IN SECTION 1-2.18 OF THE ESTATES, POWERS AND TRUSTS LAW.
   2.  SCOPE  OF SECTION. (A) THIS SECTION SHALL APPLY TO MULTIPLE-PERSON
 AND SINGLE-OWNER ACCOUNTS ESTABLISHED IN NEW  YORK  STATE  FOR  PERSONAL
 USE.
   (B) THIS SECTION SHALL NOT APPLY TO:
   (I)  AN ACCOUNT ESTABLISHED FOR A PARTNERSHIP, JOINT VENTURE, OR OTHER
 ORGANIZATION FOR A BUSINESS PURPOSE;
   (II) AN ACCOUNT CONTROLLED BY ONE OR MORE PERSONS AS AN AGENT OR TRUS-
 TEE FOR A CORPORATION,  UNINCORPORATED  ASSOCIATION,  OR  CHARITABLE  OR
 CIVIC ORGANIZATION; OR
   (III) A FIDUCIARY OR TRUST ACCOUNT IN WHICH THE RELATIONSHIP IS ESTAB-
 LISHED OTHER THAN BY THE TERMS OF THE ACCOUNT.
   3.  TYPES  OF  ACCOUNTS. (A) A BANK MAY ENTER A CONTRACT OF DEPOSIT TO
 ESTABLISH A SINGLE-OWNER ACCOUNT OR A  MULTIPLE-OWNER  ACCOUNT  AND  MAY
 PROVIDE  FOR  ONE OR MORE AUTHORIZED SIGNER DESIGNATIONS IN EACH TYPE OF
 ACCOUNT. A MULTIPLE-OWNER ACCOUNT MAY BE WITH  OR  WITHOUT  A  RIGHT  OF
 SURVIVORSHIP BETWEEN THE OTHER ACCOUNT OWNERS.
   (B)  AN  ACCOUNT  ESTABLISHED AFTER THE EFFECTIVE DATE OF THIS SECTION
 SHALL BE CONSIDERED EITHER A SINGLE-OWNER ACCOUNT  OR  A  MULTIPLE-OWNER
 ACCOUNT,  WITH OR WITHOUT THE RIGHT OF SURVIVORSHIP, AND WITH OR WITHOUT
 ONE OR MORE AUTHORIZED SIGNER DESIGNATIONS.
   4. ADMINISTRATION OF ACCOUNT SIGNATURE CARD. (A) THE ACCOUNT SIGNATURE
 CARD SHALL ESTABLISH THE TYPE OF ACCOUNT  PROVIDED,  AND  SUCH  ACCOUNTS
 SHALL  BE  GOVERNED BY THE PROVISIONS OF THIS SECTION APPLICABLE TO SUCH
 ACCOUNT TYPE.
   (B) THE ACCOUNT SIGNATURE CARD SHALL BE ADMINISTERED BY THE BANK  UPON
 THE  ESTABLISHMENT  OF AN ACCOUNT AND THEREAFTER IF THE ACCOUNT OWNER OR
 OWNERS CHANGE THE TERMS OF SUCH ACCOUNT.
   (C) ALL ACCOUNT OWNERS ON A MULTIPLE-OWNER ACCOUNT MUST AGREE IN WRIT-
 ING TO ANY CHANGE IN THE TERMS OF AN ACCOUNT RELATING TO ACCOUNT  OWNER-
 SHIP, SURVIVORSHIP RIGHTS, AND AUTHORIZED SIGNERS DESIGNATIONS USING THE
 ACCOUNT SIGNATURE CARD.
   (D) THE ACCOUNT SIGNATURE CARD SHALL BE SIGNED AND ACKNOWLEDGED BEFORE
 A  NOTARY  PUBLIC  UNLESS ADMINISTERED BY A BANK OR FILED ELECTRONICALLY
 PURSUANT TO SECTION ONE HUNDRED THIRTY-FIVE-C OF THE EXECUTIVE  LAW  AND
 ARTICLE  THREE  OF  THE STATE TECHNOLOGY LAW AND SHALL COMPLY WITH OTHER
 STATE LAWS AND REGULATIONS.
   (E) EACH BANK SUBJECT TO  THIS  SECTION  SHALL  MAINTAIN  THE  ACCOUNT
 SIGNATURE CARD FOR EACH ACCOUNT AS LONG AS SUCH ACCOUNT REMAINS OPEN AND
 FOR A PERIOD OF NO LESS THAN SIX YEARS AFTER IT IS CLOSED.
   5.  DESIGNATION  OF AUTHORIZED SIGNER. (A) THE ACCOUNT OWNER OR OWNERS
 MAY USE THE ACCOUNT SIGNATURE CARD TO  DESIGNATE  A  PERSON  OR  PERSONS
 OTHER THAN AN ACCOUNT OWNER AS AN AUTHORIZED SIGNER.
   (B)  IN  A  MULTIPLE-OWNER ACCOUNT, ALL ACCOUNT OWNERS MUST CONSENT TO
 ANY AUTHORIZED SIGNER DESIGNATION IN WRITING USING THE ACCOUNT SIGNATURE
 CARD.
 S. 9383--A                          5
 
   (C) UNLESS THE TERMS OF AN AUTHORIZED SIGNER DESIGNATION PROVIDE  THAT
 THE  AUTHORITY OF AN AUTHORIZED SIGNER TERMINATES ON DISABILITY OR INCA-
 PACITY OF AN ACCOUNT OWNER, SUCH  AUTHORIZED  SIGNER'S  AUTHORITY  SHALL
 SURVIVE DISABILITY AND INCAPACITY.
   (D)  DEATH  OF  THE SOLE ACCOUNT OWNER OR LAST SURVIVING ACCOUNT OWNER
 SHALL TERMINATE THE AUTHORITY OF AN AUTHORIZED SIGNER.
   (E) THE AUTHORITY OF A PERSON DESIGNATED AS AN ATTORNEY-IN-FACT FOR AN
 ACCOUNT OWNER UNDER A POWER OF ATTORNEY SHALL TAKE PRECEDENCE  OVER  AND
 SUPERCEDE THE AUTHORITY OF AN AUTHORIZED SIGNER.
   6. ACCOUNT OWNERSHIP DURING LIFETIME. (A) IN A MULTIPLE-OWNER ACCOUNT,
 DURING  THE  LIFETIMES  OF ALL ACCOUNT OWNERS, AN ACCOUNT BELONGS TO THE
 ACCOUNT OWNERS IN PROPORTION TO THE NET CONTRIBUTION OF EACH TO THE SUMS
 ON DEPOSIT, UNLESS THERE IS CLEAR AND CONVINCING EVIDENCE OF A DIFFERENT
 INTENT. IN THE ABSENCE OF PROOF OTHERWISE, THE NET CONTRIBUTION OF  EACH
 IS PRESUMED TO BE AN EQUAL AMOUNT.
   (B)  AN  AUTHORIZED  SIGNER  SHALL HAVE NO BENEFICIAL RIGHT TO SUMS ON
 DEPOSIT.
   7. RIGHTS AT DEATH. (A) RIGHTS  AT  DEATH  OF  AN  ACCOUNT  OWNER  ARE
 DETERMINED  BY  THE  TERMS  OF  THE  ACCOUNT AT THE TIME OF SUCH ACCOUNT
 OWNER'S DEATH.
   (B) A TRANSFER RESULTING FROM THE APPLICATION OF THIS SECTION SHALL BE
 EFFECTIVE BY REASON OF THE  TERMS  OF  THE  ACCOUNT  INVOLVED  AND  THIS
 SECTION AND IS NOT TESTAMENTARY OR SUBJECT TO ESTATE ADMINISTRATION.
   (C)  UNLESS ALL THE ACCOUNT OWNERS HAVE INDICATED A PREFERENCE FOR THE
 RIGHT OF SURVIVORSHIP ON THE ACCOUNT SIGNATURE CARD, OR THERE  IS  CLEAR
 AND  CONVINCING  EVIDENCE  OF  A  DIFFERENT INTENT, UPON THE DEATH OF AN
 ACCOUNT OWNER, SUMS ON DEPOSIT IN  A  MULTIPLE-OWNER  ACCOUNT  SHALL  BE
 DISPOSED OF AS PART OF THE ESTATE OF SUCH DECEASED ACCOUNT OWNER.
   (D) IF TWO OR MORE ACCOUNT OWNERS SURVIVE, AND ALL ACCOUNT OWNERS HAVE
 INDICATED  A  PREFERENCE  FOR  THE  RIGHT OF SURVIVORSHIP ON THE ACCOUNT
 SIGNATURE CARD, UNLESS THERE IS  CLEAR  AND  CONVINCING  EVIDENCE  OF  A
 DIFFERENT  INTENT,  THE AMOUNT TO WHICH THE DECEDENT, IMMEDIATELY BEFORE
 DEATH, WAS BENEFICIALLY ENTITLED, PURSUANT TO SUBDIVISION  SIX  OF  THIS
 SECTION,  SHALL  BELONG TO THE SURVIVING ACCOUNT OWNERS IN EQUAL SHARES,
 AND AUGMENTS THE PROPORTION TO WHICH EACH SURVIVOR,  IMMEDIATELY  BEFORE
 THE  DECEDENT'S  DEATH,  WAS  BENEFICIALLY  ENTITLED TO PURSUANT TO SUCH
 SUBDIVISION, AND THE RIGHT OF SURVIVORSHIP CONTINUES BETWEEN THE SURVIV-
 ING ACCOUNT OWNERS.
   (E) SUMS ON DEPOSIT IN A  SINGLE-OWNER  ACCOUNT  OR  A  MULTIPLE-OWNER
 ACCOUNT THAT, BY THE TERMS OF THE ACCOUNT, IS WITHOUT RIGHT OF SURVIVOR-
 SHIP,  ARE NOT AFFECTED BY THE DEATH OF AN ACCOUNT OWNER, BUT THE AMOUNT
 TO WHICH THE DECEDENT, IMMEDIATELY BEFORE DEATH, WAS BENEFICIALLY  ENTI-
 TLED,  PURSUANT  TO  SUBDIVISION  SIX OF THIS SECTION, IS TRANSFERRED AS
 PART OF THE DECEDENT'S ESTATE.
   (F) THE OWNERSHIP RIGHTS OF A  SURVIVING  ACCOUNT  OWNER,  OR  OF  THE
 DECEDENT'S  ESTATE, IN SUMS ON DEPOSIT IS SUBJECT TO REQUEST FOR PAYMENT
 MADE BY AN ACCOUNT OWNER BEFORE THE ACCOUNT OWNER'S DEATH, WHETHER  PAID
 BY  THE  BANK  BEFORE  OR  AFTER DEATH, OR UNPAID, THE SURVIVING ACCOUNT
 OWNER OR THE DECEDENT'S ESTATE, IS LIABLE TO  THE  PAYEE  OF  AN  UNPAID
 REQUEST  FOR  PAYMENT. THE LIABILITY IS LIMITED TO A PROPORTIONATE SHARE
 OF THE AMOUNT TRANSFERRED UNDER THIS SECTION, TO THE EXTENT NECESSARY TO
 DISCHARGE THE REQUEST FOR PAYMENT.
   8. ALTERATION OF RIGHTS. (A) AN ACCOUNT OWNER MAY ALTER THE  TERMS  OF
 THE  ACCOUNT BY COMPLETING A NEW ACCOUNT SIGNATURE CARD FOR SUCH ACCOUNT
 AND SUBMITTING IT TO THE BANK. TO BE EFFECTIVE, ALL ACCOUNT OWNERS  MUST
 CONSENT  TO  THE ALTERATION IN WRITING USING THE ACCOUNT SIGNATURE CARD,
 S. 9383--A                          6
 
 AND THE NOTICE MUST BE RECEIVED BY THE BANK DURING  AN  ACCOUNT  OWNER'S
 LIFETIME.
   (B)  A  RIGHT  OF  SURVIVORSHIP  ARISING FROM THE EXPRESS TERMS OF THE
 ACCOUNT ESTABLISHED PURSUANT TO SUBDIVISION SEVEN OF  THIS  SECTION  MAY
 NOT BE ALTERED BY WILL.
   9.  PAYMENT  ON  MULTIPLE-OWNER  ACCOUNTS. A BANK, ON REQUEST, MAY PAY
 SUMS ON DEPOSIT IN A MULTIPLE-OWNER ACCOUNT TO:
   (A) ONE OR MORE OF THE ACCOUNT OWNERS, WHETHER OR NOT ANOTHER  ACCOUNT
 OWNER  IS DISABLED, INCAPACITATED, OR DECEASED WHEN PAYMENT IS REQUESTED
 AND WHETHER OR NOT THE ACCOUNT OWNER MAKING THE REQUEST SURVIVES ANOTHER
 ACCOUNT OWNER; OR
   (B) THE PERSONAL REPRESENTATIVE OF AN ACCOUNT OWNER WHO  IS  DECEASED,
 OR  IF  THERE IS NONE, PURSUANT TO THE PROVISIONS OF ARTICLE THIRTEEN OF
 THE SURROGATE'S COURT PROCEDURE ACT TO THE EXTENT  APPLICABLE,  PROVIDED
 THAT IN EITHER CASE PROOF OF DEATH IS PRESENTED TO THE BANK SHOWING THAT
 SUCH DECEASED ACCOUNT OWNER WAS THE SURVIVOR OF ALL OTHER ACCOUNT OWNERS
 NAMED  ON  THE ACCOUNT, UNLESS THE ACCOUNT IS WITHOUT RIGHT OF SURVIVOR-
 SHIP PURSUANT TO SUBDIVISION SEVEN OF THIS SECTION.
   10. (A) PAYMENT TO AUTHORIZED SIGNER. A BANK, ON REQUEST, MAY PAY SUMS
 ON DEPOSIT IN AN ACCOUNT WITH AN AUTHORIZED SIGNER DESIGNATION  TO  SUCH
 AUTHORIZED SIGNER WHETHER OR NOT AN ACCOUNT OWNER IS DISABLED, INCAPACI-
 TATED,  OR DECEASED WHEN THE REQUEST IS MADE OR RECEIVED, AND WHETHER OR
 NOT THE AUTHORITY OF THE AUTHORIZED SIGNER TERMINATES ON THE  DISABILITY
 OR INCAPACITY OF AN ACCOUNT OWNER.
   (B)  NOTHING  CONTAINED  HEREIN  SHALL  BE  CONSTRUED TO CONFLICT WITH
 FEDERAL OR STATE LAWS OR REGULATIONS REQUIRING BANKS TO  REPORT  FRAUDU-
 LENT  OR  SUSPICIOUS  ACTIVITY,  OR RELEASE BANKS FROM LIABILITY FOR THE
 FAILURE TO COMPLY WITH SUCH STATE OR FEDERAL LAWS AND REGULATIONS.
   11. DISCHARGE OF BANK FROM LIABILITY. (A)  PAYMENT  MADE  PURSUANT  TO
 THIS  SECTION  IN ACCORDANCE WITH THE TERMS OF THE ACCOUNT AND COMPLYING
 WITH THE ACCOUNT SIGNATURE CARD DISCHARGES THE BANK FROM ALL CLAIMS  FOR
 AMOUNTS SO PAID, WHETHER OR NOT THE PAYMENT IS CONSISTENT WITH THE BENE-
 FICIAL  ACCOUNT  OWNERSHIP  OF  THE ACCOUNT AS BETWEEN ACCOUNT OWNERS OR
 THEIR SUCCESSORS.  PAYMENT MAY BE MADE WHETHER OR NOT AN  ACCOUNT  OWNER
 OR  AUTHORIZED  SIGNER  IS  DISABLED,  INCAPACITATED,  OR  DECEASED WHEN
 PAYMENT IS REQUESTED, RECEIVED, OR MADE.
   (B) PROTECTION UNDER THIS SECTION DOES NOT  EXTEND  TO  PAYMENTS  MADE
 AFTER  A BANK HAS RECEIVED WRITTEN NOTICE FROM AN ACCOUNT OWNER, OR FROM
 THE PERSONAL REPRESENTATIVE, SURVIVING SPOUSE, DISTRIBUTEE, OR TESTAMEN-
 TARY BENEFICIARY OF  A  DECEASED  ACCOUNT  OWNER,  TO  THE  EFFECT  THAT
 PAYMENTS  IN  ACCORDANCE  WITH  THE  TERMS OF THE ACCOUNT, INCLUDING ONE
 HAVING AN AUTHORIZED SIGNER DESIGNATION, SHOULD NOT  BE  PERMITTED,  AND
 THE  BANK HAS HAD A REASONABLE OPPORTUNITY TO ACT ON IT WHEN THE PAYMENT
 IS MADE. UNLESS THE NOTICE IS WITHDRAWN BY THE  PERSON  GIVING  IT,  THE
 SUCCESSOR  OF  ANY  DECEASED  ACCOUNT OWNER MUST CONCUR IN A REQUEST FOR
 PAYMENT IF THE BANK IS TO BE PROTECTED UNDER THIS SECTION. UNLESS A BANK
 HAS BEEN SERVED WITH PROCESS IN AN ACTION OR PROCEEDING, NO OTHER NOTICE
 OR OTHER INFORMATION SHOWN TO HAVE BEEN AVAILABLE TO  THE  BANK  AFFECTS
 ITS RIGHT TO PROTECTION UNDER THIS SECTION.
   (C)  A  BANK  THAT RECEIVES WRITTEN NOTICE PURSUANT TO THIS SECTION OR
 OTHERWISE HAS REASON TO BELIEVE THAT A DISPUTE EXISTS AS TO  THE  RIGHTS
 OF THE ACCOUNT OWNERS MAY REFUSE, WITHOUT LIABILITY, TO MAKE PAYMENTS IN
 ACCORDANCE  WITH THE TERMS OF THE ACCOUNT. A BANK NEED NOT INQUIRE AS TO
 THE SOURCE OF A DEPOSIT TO AN ACCOUNT OR AS TO THE PROPOSED  APPLICATION
 OF A PAYMENT FROM AN ACCOUNT.
 S. 9383--A                          7
 
   (D) PROTECTION OF A BANK UNDER THIS SECTION DOES NOT AFFECT THE RIGHTS
 OF  ACCOUNT  OWNERS  IN  DISPUTES BETWEEN THEMSELVES OR THEIR SUCCESSORS
 CONCERNING THE OWNERSHIP OF SUMS ON DEPOSIT IN ACCOUNTS OR PAYMENTS MADE
 FROM ACCOUNTS.
   (E)  BENEFICIAL ACCOUNT OWNERSHIP BETWEEN ACCOUNT OWNERS APPLY ONLY TO
 CONTROVERSIES BETWEEN  THOSE  PERSONS  AND  THEIR  CREDITORS  AND  OTHER
 SUCCESSORS,  AND  DO  NOT APPLY THE RIGHT OF THOSE PERSONS TO PAYMENT AS
 DETERMINED BY THE TERMS OF THE ACCOUNT.
   12. EXISTING ACCOUNTS. (A) EACH BANK SHALL, FOR  EACH  MULTIPLE-PERSON
 ACCOUNT  ESTABLISHED  BEFORE THE EFFECTIVE DATE OF THIS SECTION, PROVIDE
 NOTICE TO THE ACCOUNT OWNERS OF SUCH  ACCOUNTS  OF  THE  REQUIREMENT  TO
 SUBMIT  AN  ACCOUNT  SIGNATURE CARD. EACH BANK SHALL PROVIDE SUCH NOTICE
 WITHIN SIX MONTHS OF THE EFFECTIVE DATE OF THIS SECTION, AND SUCH NOTICE
 SHALL INCLUDE THE ACCOUNT SIGNATURE CARD.
   (B) SUCH NOTICE MAY BE EXECUTED BY  MAIL  OR,  IF  AUTHORIZED  BY  THE
 ACCOUNT  OWNER OR OWNERS, ELECTRONICALLY, AND MAY BE COMBINED WITH OTHER
 NOTICES OR MAILINGS. IF THE BANK HAS NOT RECEIVED AN  ACCOUNT  SIGNATURE
 CARD  FROM  AN  ACCOUNT  OWNER  WITHIN SIX MONTHS OF PROVIDING THE FIRST
 NOTICE PURSUANT TO THIS SECTION, THE BANK SHALL PROVIDE A SECOND NOTICE.
   (C) ACCOUNTS ESTABLISHED IN NEW YORK STATE FOR PERSONAL USE  PRIOR  TO
 JULY  FIRST,  TWO  THOUSAND  TWENTY-FIVE, FOR WHICH AN ACCOUNT SIGNATURE
 CARD HAS NOT BEEN PROPERLY RECEIVED PURSUANT TO THIS SECTION,  SHALL  BE
 GOVERNED  BY SECTION SIX HUNDRED SEVENTY-FIVE OF THIS ARTICLE UNTIL SUCH
 TIME AN ACCOUNT SIGNATURE CARD IS PROPERLY  RECEIVED  FOR  SUCH  ACCOUNT
 PURSUANT TO THIS SECTION.
   13.  REGULATIONS  OF  THE  SUPERINTENDENT.  THE  SUPERINTENDENT  SHALL
 PROMULGATE AND MAY FROM TIME TO TIME AMEND RULES AND  REGULATIONS  WHICH
 REQUIRE  THAT  THE  ACCOUNT OWNER OR OWNERS OF A MULTIPLE-PERSON ACCOUNT
 UNDER THIS SECTION BE INFORMED   OF THE   TERMS AND  CONDITIONS  OF  THE
 ACCOUNT, INCLUDING THE RELATIONSHIP AND CONSEQUENCES BETWEEN THE PERSONS
 ASSOCIATED  WITH THE ACCOUNT, THE DIFFERENCES BETWEEN ACCOUNT TYPES, AND
 THE RESPONSIBILITIES OF THE INSTITUTION WITH WHICH THE ACCOUNT IS ESTAB-
 LISHED.
   14. SEVERABILITY CLAUSE. IF ANY  PROVISION  OF  THIS  SECTION  OR  ITS
 APPLICATION TO ANY PERSON OR CIRCUMSTANCE IS HELD INVALID, THE INVALIDI-
 TY 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.
   § 3. Section 679 of the banking law, as added by chapter  432  of  the
 laws of 2018, is amended to read as follows:
   §  679.  Public  awareness; banking services. The superintendent shall
 conduct a public awareness campaign to educate  consumers  on  different
 banking  services  available  in  the state, particularly those that can
 assist vulnerable adults  in  financial  planning,  including,  but  not
 limited  to,  citizens of an advanced age, individuals with cognitive or
 developmental disabilities, or those who have health or physical  issues
 that  impair their financial independence. The public awareness campaign
 shall include information regarding the  differences  between  types  of
 accounts, including joint and [convenience] MULTIPLE-PERSON accounts, as
 well  as  the rights and responsibilities generally recognized for each.
 The public awareness campaign shall also include, but not be limited to,
 answers to general concerns and questions that individuals may have with
 respect to the establishment of certain types of accounts and  services,
 as  well  as information and recommendations for obtaining more informa-
 tion.
 S. 9383--A                          8
 
   § 4. This act shall take effect July 1, 2025.  Effective  immediately,
 the  addition,  amendment and/or repeal of any rule or regulation neces-
 sary for the implementation of  this  act  on  its  effective  date  are
 authorized to be made and completed on or before such effective date.