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Who cares
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Sponsors
1 Co-sponsor
History
- 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 prohibiting financial institutions from charging a fee in excess of five dollars to a customer based on account inactivity
Purpose or general idea of bill
This bill amends the banking law to prohibit financial institutions from charging customers account inactivity fees in excess of five dollars per year.
Summary of specific provisions
Section 1 amends section 9-v of the banking law to add a prohibiting financial institutions, whether headquartered within or outside of the State of New York from charging a fee in excess of five dollars per year to a customer based on account inactivity.
Justification
Under current law, financial institutions can charge customers inactivity fees which bear no relation to the cost incurred by financial institutions in maintaining inactive accounts. This bill would prevent financial institutions from unfairly using inactivity fees for profit.
Prior legislative history
A.9353 of 2010. A.3359 of 2011-2012. A.2548 of 2013-2014 (enacting clause stricken) A.8691 of 2014
Fiscal implications
Unknown
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.