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A09659 Summary:

Add §9-z, Bank L
Requires financial institutions to send a written notification of overdraft fees charged to account holders every 180 days.
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A09659 Text:

                STATE OF NEW YORK
                   IN ASSEMBLY
                                     March 28, 2022
        Introduced  by  M. of A. FAHY -- read once and referred to the Committee
          on Banks
        AN ACT to amend the banking law, in  relation  to  requiring  a  written
          notification of overdraft fees charged to certain account holders
          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-z  to
     2  read as follows:
     3    §  9-z. Fees based on overdraft of account; notification. 1.  Notwith-
     4  standing any other provision of law or rule or regulation to the contra-
     5  ry, any financial institution subject to the provisions of this chapter,
     6  including any bank, trust company, savings bank, savings and loan  asso-
     7  ciation,  credit  union,  mortgage  broker,  mortgage  banker,  or other
     8  investment entity, whether headquartered within or  outside  the  state,
     9  which  provides an account to a customer shall provide written notice of
    10  fees charged due to overdraft of an account  every  one  hundred  eighty
    11  days. Such notice shall include:
    12    (a) dates and amounts of overdraft fees;
    13    (b) the total amount charged;
    14    (c) information on the customer's ability to negotiate fees; and
    15    (d)  a  telephone  number and full contact information for a represen-
    16  tative of the financial institution responsible for resolving any matter
    17  relating to such fee.
    18    2. A notification  by  electronic  means  shall  satisfy  the  writing
    19  requirement  for the purposes of this section if such option is selected
    20  by the account holder.
    21    § 2. This act shall take effect January 1, 2023.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
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