What's happening
This bill prohibits financial institutions from charging fees for paper statements required for public assistance applications.
Why it matters
Reduces Barriers to Public Assistance. By prohibiting fees for paper statements needed for public assistance applications, the bill removes a common financial obstacle for low-income individuals who may not have easy access to digital banking or who need paper proof for government programs.
Promotes Financial Inclusion. Many public assistance applicants are unbanked or underbanked, relying on paper statements to verify assets or income. Eliminating these fees helps ensure they are not penalized for lacking digital access, supporting broader financial inclusion efforts.
Limits Hidden Costs of Poverty. The legislation targets a subtle but significant cost that can add up for vulnerable populations, helping prevent situations where applicants might forgo needed aid simply because they cannot afford ancillary banking fees.
Standardizes Protections Across Financial Institutions. The bill applies to all financial entities operating in New York, regardless of their headquarters, ensuring consistent safeguards for all residents seeking public assistance.
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Who cares
Headline styles
Ban Paper Statement Fees
Plain English, a few words. Used as the page title.
Sponsors
Senator · Senate District 14
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.
Stop Paper Statement Fees
In Assembly Committee · Banks · Sponsor David Weprin
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
2535
2019-2020 Regular Sessions
IN SENATE
January 28, 2019
Introduced by Sen. COMRIE -- read twice and ordered printed, and when printed to be committed 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.
Sponsor's memo
Title of bill
An act to amend the banking law, in relation to prohibiting financial institutions from charging a fee for periodic paper statements
Purpose or general idea of bill
To prohibit financial institutions from charging for paper statements, when those statements are required for an application for public bene- fits.
Summary of provisions
The banking law is amended by adding Section 9-x to prohibit financial institutions from charging for periodic paper statements, when those statements are required for an application for public benefits.
Justification
Fees, charged by financial institution, for periodic bank statements that are in paper format have been reported to be as high as $6 per statement for each month. Many who apply for public benefits are on fixed incomes but nevertheless must pay there onerous fees to comply with the present application rules. Presently, high fees for paper bank statements may put them in a difficult financial situation or otherwise render them unable to successfully complete the application process.
Prior legislative history
S 6865 COMRIE Same as A 8015 Weprin
Fiscal implications for state and local governments
None.
Effective date
This act shall take effect on the ninetieth day after it shall have become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.