New York State Assembly

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S09757 Summary:

BILL NO	S09757
SAME AS	SAME AS A09210-A
SPONSOR	SANDERS
COSPNSR
MLTSPNSR
Add §9-ii, Bank L
Establishes standards for the closure of bank accounts in the state of New York to include providing notice of closure and the return of funds to account owners.

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S09757 Actions:

BILL NO	S09757
05/29/2024	REFERRED TO BANKS

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S09757 Committee Votes:

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S09757 Floor Votes:

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S09757 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          9757
 
                    IN SENATE
 
                                      May 29, 2024
                                       ___________
 
        Introduced  by  Sen. SANDERS -- 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  establishing  criteria
          for the closure of banking accounts in the state of New York
 
          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-ii  to
     2  read as follows:
     3    §  9-ii.  Closure  of  accounts. All banking organizations and out-of-
     4  state state banks authorized to operate and maintain  branches  pursuant
     5  to article five-C of this chapter when closing the account of a customer
     6  shall:
     7    (a)  provide  sixty  days'  notice  that such account is being closed,
     8  whether for personal or business use, and provide the  reason  for  such
     9  closure;  provided  that  nothing  in this section shall be construed to
    10  preempt any federal law that prohibits disclosure of the reason  for  an
    11  account closure; and
    12    (b)  return  any  remaining  funds from such account within sixty days
    13  after the closure of such account to the owner.
    14    § 2. This act shall take effect immediately.
 
 
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14062-03-4

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