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History
- Referred to banks
- Referred to banks
Companion bill
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Requires notice to renters of safe deposit boxes regarding fees and charges
In Assembly Committee · Banks · Sponsor Sheldon Silver
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S739
Title of bill
An act to amend the banking law, in relation to requiring notice to renters of safe deposit boxes regarding fees and charges
Purpose or general idea of bill
To protect renters of safety deposit boxes from inappropriate rental fees and applicable charges imposed by banking organizations or safe deposit box companies.
Summary of specific provisions
Subdivision 1 requires any banking organization or safe deposit company which offers safe deposit boxes to provide a schedule of all fees and charges applicable to the rental of the safe deposit box in the rental agreement. Such fees and charges will be approved by the superintendent.
Subdivision 2 requires any banking organization or safe deposit company which offers safe deposit boxes for rent to include, in the annual report to the superintendent, a schedule of all fees and charges imposed on the lessee.
Subdivision 3 states that no fees or charges can be imposed on a lessee when an act of God, common disaster, or emergency situation, renders the lessee unable to access the safe deposit box.
Justification
Several of the victims of the recent Chinatown fire, many who are elderly, families with young children, or individuals with low income, were charged exorbitant fees to replace lost safe deposit keys. In addition, other constituents have stated that they are being charged fees to obtain copies of old bank statements and, other documents necessary to verify their former address. New Yorkers who have literally lost everything are being charged fees to access their valuables and critical identification documents. Charging fees under these circumstances is unfair.
Prior legislative history
2010: S.8066 (Squadron) - Passed Senate, A.10918 (Silver) - Passed Assembly
Fiscal implications for state and local governments
None.
Effective date
Immediately, and shall apply to all safe deposit box rental agreements entered into on or after such date.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.