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History
- Referred to rules
Companion bill
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Alters provisions with respect to the right of set off by banks with respect to social security or supplemental security income deposits
In Assembly Committee · Codes · Sponsor Mark J.F. Schroeder
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S8301
Title of bill
An act to amend the banking law, in relation to the right of set off
Purpose or general idea of bill
Alters provisions with respect to the right of set off by banks.
Summary of specific provisions
Section 9-g of the Banking Law, as added by Chapter 10 of the Laws of 1980, is amended so that a banking institution may claim the right to set off against any deposit account only if notice of the set off together with the reasons for the set off are mailed to the depositor thirty days prior to such action. Failure to provide such notice shall result in the forfeiture of the right of set off against the depositor.
Justification
This measure would allow a banking institution to claim the right of set off only after presentation of intent to the depositor at the time of deposit and would require fair notification of the set off along with the reasons for the set off to be mailed to the depositor thirty days prior to such action. A depositor has the right to know if the bank is considering set off, so that they may take appropriate action to fulfill their obligation to the bank. A banking institution owes its depositors this courtesy.
Prior legislative history
2008: Passed Assembly
Fiscal implications for state and local governments
None to New York State.
Effective date
Immediate.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.