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Who cares
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Sponsors
11 Co-sponsors
History
- Referred to banks
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:A9352
Title of bill
An act to amend the banking law, in relation to requir- ing financial institutions to notify a customer prior to charging a fee based on account inactivity
Purpose or general idea of bill
This bill amends the banking law to require financial institutions to provide notice to customers that includes a telephone number and full contact information to reach a representative of the financial institu- tion regarding any charges tendered to a customer for any account inac- tivity.
Summary of specific provisions
Section one amends section 9-v of the banking law to add a provision requiring financial institutions, whether headquartered within or outside of the State of New York, to provide notice including a tele- phone number and full contact information for a representative of the financial institution responsible for resolving the matter prior to charging a fee to a customer based on account inactivity.
Effects of present law which the bill will alter
This bill amends section 9-v of the banking law to add a provision requiring financial institutions, whether headquartered within or outside of the State of New York, to provide notice including a tele- phone number and full contact information for a representative of the financial institution regarding any charges tendered to a customer for any account inactivity.
Justification
When financial institutions provide customers notice of inactivity fees to be charged to customer's accounts it is necessary to provide the customer with contact information adequate to enable a customer to resolve any inaccuracies contained within such notices. This bill would ensure that customers have adequate contact information.
Prior legislative history
A8809 of 2003-2004. A349 of 2005-2006. A1433A of 2007-2008 A3134 of 2009 (Bradley).
Fiscal implications for state and local governments
Unknown.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.