Assembly Bill A5031

2025-2026 Legislative Session

Establishes standards for the closure of banking accounts in the state of New York

download bill text pdf

Sponsored By

Current 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

co-Sponsors

2025-A5031 (ACTIVE) - Details

See Senate Version of this Bill:
S4603
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Add §9-ii, Bank L
Versions Introduced in 2023-2024 Legislative Session:
A9210, S9757

2025-A5031 (ACTIVE) - Summary

Establishes standards for the closure of bank accounts in the state of New York to include providing notice of closure and the return of funds to account owners.

2025-A5031 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5031
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 11, 2025
                                ___________
 
 Introduced  by  M. of A. JACOBSON, LUCAS, HYNDMAN, TAYLOR, SANTABARBARA,
   GLICK,  DILAN,  SAYEGH,  SEPTIMO,  DAVILA,  STECK,   REYES,   BURDICK,
   SEAWRIGHT -- read once and referred to the Committee on Banks
 
 AN  ACT  to  amend the banking law, in relation to establishing criteria
   for the closure of banking accounts in the state of New York

   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-ii to
 read as follows:
   § 9-II. CLOSURE OF ACCOUNTS. ALL  BANKING  ORGANIZATIONS  AND  OUT-OF-
 STATE  STATE  BANKS AUTHORIZED TO OPERATE AND MAINTAIN BRANCHES PURSUANT
 TO ARTICLE FIVE-C OF THIS CHAPTER WHEN CLOSING THE ACCOUNT OF A CUSTOMER
 SHALL:
   (A) PROVIDE SIXTY DAYS' NOTICE THAT  SUCH  ACCOUNT  IS  BEING  CLOSED,
 WHETHER  FOR  PERSONAL  OR BUSINESS USE, AND PROVIDE THE REASON FOR SUCH
 CLOSURE; PROVIDED THAT NOTHING IN THIS SECTION  SHALL  BE  CONSTRUED  TO
 PREEMPT  ANY  FEDERAL LAW THAT PROHIBITS DISCLOSURE OF THE REASON FOR AN
 ACCOUNT CLOSURE; AND
   (B) RETURN ANY REMAINING FUNDS FROM SUCH  ACCOUNT  WITHIN  SIXTY  DAYS
 AFTER THE CLOSURE OF SUCH ACCOUNT TO THE OWNER.
   § 2. This act shall take effect immediately.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03161-01-5

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.