STATE OF NEW YORK
________________________________________________________________________
6237
IN SENATE(Prefiled)
January 6, 2016
___________
Introduced by Sen. HAMILTON -- 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 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-x to
2 read as follows:
3 § 9-x. 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.
LBD00938-03-5
