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
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7153
IN SENATE(Prefiled)
January 3, 2018
___________
Introduced by Sen. KENNEDY -- 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 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
