What's happening
The bill prohibits financial institutions in New York from charging fees for periodic paper statements needed for public assistance applications.
Why it matters
Reduces financial barriers for low-income individuals. By prohibiting banks and other financial institutions from charging fees for paper statements needed for public assistance applications, the bill ensures that those seeking government aid are not deterred or disadvantaged by extra costs.
Improves access to social services. Many public assistance programs require applicants to provide recent bank statements as proof of financial status. Waiving these fees helps prevent delays or rejections in the application process due to inability to afford documentation.
Promotes financial inclusion and fairness. The bill covers all types of financial institutions, regardless of where they are headquartered, ensuring consistent protection for all New York residents, including those who may not have easy access to digital statements or online banking.
Addresses the digital divide. The measure acknowledges that not everyone has reliable internet access or digital literacy, making paper statements essential for some, especially vulnerable populations such as the elderly or those without home internet.
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Who cares
Headline styles
Stop Paper Statement Fees
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to banks
- 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.
Ban Paper Statement Fees
In Senate Committee · Banks · Sponsor Leroy Comrie
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
4357
2019-2020 Regular Sessions
IN ASSEMBLY
February 4, 2019
Introduced by M. of A. WEPRIN -- read once and referred to the Committee on Banks
AN ACT to amend the banking law, in relation to prohibiting financial institutions from charging a fee for periodic paper statements
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. The banking law is amended by adding a new section 9-x to read as follows:
§ 9-x. Fees for periodic paper statements prohibited. Notwithstanding any other provision of law or rule or regulation to the contrary, no financial institution subject to the provisions of this chapter, including any bank, trust company, savings bank, savings and loan association, credit union, mortgage broker, mortgage banker, or other investment entity, whether headquartered within or outside the state, which provides an account to a customer shall charge a fee for periodic paper statements when such statements are required for an application for public assistance as defined in subdivision nineteen of section two of the social services law.
§ 2. This act shall take effect on the ninetieth day after it shall have become a law.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD08554-01-9
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.