Prohibits certain financial institutions from charging a fee for periodic paper statements when such statements are required for an application for public assistance.
STATE OF NEW YORK
________________________________________________________________________
1799
2025-2026 Regular Sessions
IN ASSEMBLY
January 14, 2025
___________
Introduced by M. of A. HYNDMAN -- read once and referred to the Commit-
tee on Banks
AN ACT to amend the banking law, in relation to prohibiting certain
financial institutions from charging a fee for periodic paper state-
ments
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-aa to
2 read as follows:
3 § 9-aa. Fees for periodic paper statements prohibited. 1. Notwith-
4 standing any other provision of law or rule or regulation to the contra-
5 ry, no financial institution subject to the provisions of this chapter,
6 including any banking organization, mortgage broker or mortgage banker,
7 interstate branch established pursuant to article five-C of this chap-
8 ter, or other investment entity subject to regulation by the department,
9 which provides an account to a customer shall charge a fee for periodic
10 paper statements when such statements are required for an application
11 for public assistance as defined in subdivision nineteen of section two
12 of the social services law.
13 2. If any provision of this section or its application to any person
14 or circumstance is held invalid, the invalidity does not affect other
15 provisions or application of this section which can be given effect
16 without the invalid provision or application, and to this end the
17 provisions of this section are severable.
18 § 2. This act shall take effect on the one hundred eightieth day after
19 it shall have become a law.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD03671-01-5
