STATE OF NEW YORK
________________________________________________________________________
9659
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.
LBD11577-06-2
