Requires financial institutions to notify a customer thirty days prior to charging a fee based on account inactivity; requires such notice to include a telephone number and the full contact information of a representative of the financial institution responsible for resolving any matter relating to the fee.
STATE OF NEW YORK
________________________________________________________________________
7740
2017-2018 Regular Sessions
IN ASSEMBLY
May 11, 2017
___________
Introduced by M. of A. ZEBROWSKI, ABINANTI, SEPULVEDA, PERRY, BLAKE --
read once and referred to the Committee on Banks
AN ACT to amend the banking law, in relation to requiring financial
institutions to notify a customer prior to charging a fee 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-x to
2 read as follows:
3 § 9-x. Fees based on inactivity; notification. Notwithstanding any
4 other provision of law or rule or regulation to the contrary, any finan-
5 cial institution subject to the provisions of this chapter, including
6 any bank, trust company, savings bank, savings and loan association,
7 credit union, mortgage broker, mortgage banker, or other investment
8 entity, whether headquartered within or outside the state, which
9 provides an account to a customer shall provide written notice of the
10 pending charges to a customer thirty days prior to charging any fee
11 based on account inactivity. Such notice shall include a telephone
12 number and full contact information for a representative of the finan-
13 cial institution responsible for resolving any matter relating to the
14 fee. A notification by electronic mail shall satisfy the writing
15 requirement for the purposes of this section.
16 § 2. This act shall take effect on the ninetieth day after it shall
17 have become a law.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD08628-01-7
