Directs the superintendent of financial services to study overdraft fees and prepare a report to be delivered to the governor, the temporary president of the senate and the speaker of the assembly.
STATE OF NEW YORK
________________________________________________________________________
8292
2021-2022 Regular Sessions
IN ASSEMBLY
October 6, 2021
___________
Introduced by M. of A. FAHY -- read once and referred to the Committee
on Banks
AN ACT in relation to directing the superintendent of financial services
to study overdraft fees
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The superintendent of financial services, or his or her
2 designee, shall conduct a study of overdraft fees in the state. Such
3 study shall examine, but not be limited to:
4 (a) the total amount of overdraft fees paid in New York;
5 (b) geographical distribution of such fees;
6 (c) identify any communities that have high rates of overdraft fees
7 and the possible reason for such high rates;
8 (d) the percentage of overdraft fees reduced through direct or indi-
9 rect negotiation; and
10 (e) enumeration of consumer rights relating to fee negotiations.
11 § 2. No later than twelve months after the effective date of this act,
12 the superintendent of financial services, or his or her designee, shall
13 deliver a report of the findings of the study conducted pursuant to
14 section one of this act to the governor, the temporary president of the
15 senate and the speaker of the assembly. Such report shall be posted on
16 the department of financial services' website.
17 § 3. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD11576-01-1
