STATE OF NEW YORK
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2548
2013-2014 Regular Sessions
IN ASSEMBLY
January 16, 2013
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Introduced by M. of A. GABRYSZAK, ORTIZ, GOTTFRIED, PEOPLES-STOKES,
COLTON -- Multi-Sponsored by -- M. of A. HOOPER, McDONOUGH -- 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 in excess of five dollars to a
customer based on account inactivity
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The banking law is amended by adding a new section 9-v to
2 read as follows:
3 § 9-v. Fees based on inactivity prohibited. Notwithstanding any other
4 provision of law or rule or regulation to the contrary, no financial
5 institution subject to the provisions of this chapter, including any
6 bank, trust company, savings bank, savings and loan association, credit
7 union, mortgage broker, mortgage banker, or other investment entity,
8 whether headquartered within or outside the state, which provides an
9 account to a customer shall charge a fee in excess of five dollars per
10 year to such customer based on account inactivity.
11 § 2. This act shall take effect on the ninetieth day after it shall
12 have become a law.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD05645-01-3
