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History
- Referred to banks
- Reported and committed to finance
- Print number 4607a
- Amend and recommit to banks
- Referred to banks
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the banking law, in relation to requiring the disclosure of the rights and liabilities of joint depositors
Provisions
This bill would amend Section 14-c of the Banking Law to require the State Banking Board to prescribe criteria for the disclosure of information relating to the rights and liabilities of holders of joint bank and checking accounts.
Justification
Presently, the holders of joint bank and checking accounts are often unaware of the rights and liabilities they assume upon the opening of such an account. Specifically, these account holders do not realize that normally only the account holder's signature is required to gain access to the assets therein. Often an account holder is surprised to discover that the account has been emptied and the other joint holder has vanished. This bill will require the State Banking Board to prescribe criteria for the disclosure of such rights and liabilities. The legislation instructs the Banking Board to specifically require such information to be made in a clear and conspicuous manner.
Legislative history
1989-00 - Passed Assembly 1991-08 - Referred to Banks
Fiscal implications
None.
Effective date
One hundred twenty days after becoming law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.