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S02877 Text:

                STATE OF NEW YORK
                               2023-2024 Regular Sessions
                    IN SENATE
                                    January 25, 2023
        Introduced  by  Sen.  COMRIE -- read twice and ordered printed, and when
          printed to be committed to the Committee on Banks  --  recommitted  to
          the  Committee  on  Banks  in accordance with Senate Rule 6, sec. 8 --
          committee discharged, bill amended, ordered reprinted as  amended  and
          recommitted to said committee

        AN  ACT  to  amend  the  banking law, in relation to prohibiting certain
          financial institutions from charging a fee for periodic  paper  state-
          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.
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