NY State Senate Bill 2025-S4228

Senate Bill S4228

2025-2026 Legislative Session

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

download bill text pdf

Current 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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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Feb 03, 2025	referred to banks

2025-S4228 (ACTIVE) - Details

See Assembly Version of this Bill:: A1799
Current Committee:: Senate Banks
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
2023-2024: S2877, A5019

2025-S4228 (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.

2025-S4228 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S4228

SPONSOR: COMRIE
 
TITLE OF BILL:

An act to amend the banking law, in relation to prohibiting certain
financial institutions from charging a fee for periodic paper statements

 
PURPOSE OR GENERAL IDEA OF BILL:

To prohibit financial institutions from charging for paper statements,
when those statements are required for an application for public bene-
fits.

 
SUMMARY OF PROVISIONS:

Section 1: Amends the banking law by adding a new section 9-aa:  prohib-
its fees for periodic paper statements. No financial institution subject
to the provisions of this chapter, Including any banking organization,
mortgage broker or mortgage banker, Interstate branch established pursu-
ant to article five-c of this chapter, 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 service
law.

Section 2: Provides the effective date.

 
JUSTIFICATION:

Fees, charged by financial institution, for periodic bank statements
that are in paper format have been reported to be as high as $6 per
statement for each month. Many who apply for public benefits are on
fixed incomes but nevertheless must pay there onerous fees to comply
with the present application rules. Presently, high fees for paper bank
statements may put them in a difficult financial situation or otherwise
render them unable to successfully complete the application process.

 
PRIOR LEGISLATIVE HISTORY:

2024: S2877A Comrie/ A5019A Hyndman

S5811 2022

S 6865 COMRIE Same as A 8015 Weprin

 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:

None.

 
EFFECTIVE DATE:
This act shall take effect on the one hundred eightieth day after it
shall have become a law.

2025-S4228 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4228
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                             February 3, 2025
                                ___________
 
 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  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.
                                                            LBD03671-01-5

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