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Who cares
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Sponsors
1 Co-sponsor
History
- Referred to banks
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Requires banks to post information about basic banking services
In Assembly Committee · Banks · Sponsor N. Nick Perry
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 banks to post notices of basic banking services available
Purpose
To remedy financial institutions' lack of adequate advertising of lifeline basic banking accounts, by requiring banks to post notices of basic banking services.
Summary of specific provisions
This bill amends subdivision 8 of section 14-f of the Banking Law, providing that banks shall post notices near entrances and exits of information regarding their basic banking accounts, including information concerning initial deposits, minimum balances, maximum fees, and withdrawal limitations.
Justification
New York State's basic banking law went into effect in 1994. The law requires financial institutions to offer no frills basic banking services to consumers. The law was designed to make low-cost checking accounts widely available to New Yorkers by having minimal restrictions such as low opening deposits (no more than $25), minimum balances (no more than a penny), and monthly maintenance charges. However, a citywide survey of 83 branches of 30 financial institutions indicates that many branches are denying consumers the opportunity to apply for these basic banking accounts, and fail to provide adequate advertising on these accounts. Further, only 43% of bank branches polled offered information about lifeline basic accounts after being prompted. Additionally, only 40% of bank branches had brochures available for consumers, but not one branch had a sign or poster advertising the availability of lifeline accounts. This bill seeks to address the financial institution industry in New York's failure to advertise these services by amending the Banking Law to require institutions to post information near entrances and exits regarding these banking services.
Prior legislative history
2013-2014: A.4336 2011-2012: A.3088 2009-2010 A.3535 2007-2008 A.3971 2005-2006 A.3800 2003-2004 A.5144 2001-2002 A.3880 1999-2000 A.1025 1997-1998 A.2678 1994-1995 A.9754
Fiscal implications
None.
Effective date
This act shall take effect on the thirtieth day after it shall have become law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.