Bill Text: NY A02243 | 2011-2012 | General Assembly | Introduced

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Bill Title: Requires certain institutions to notify joint tenants when more than fifty percent of the value of a joint account's withdrawals are made from joint accounts.

Spectrum: Slight Partisan Bill (Republican 2-1)

Status: (Introduced - Dead) 2012-01-04 - referred to banks [A02243 Detail]

Download: New_York-2011-A02243-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         2243
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                   January 14, 2011
                                      ___________
       Introduced  by M. of A. RABBITT -- read once and referred to the Commit-
         tee on Banks
       AN ACT to amend the banking law, in relation to notifying joint  tenants
         when certain withdrawals are made from joint accounts
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Subdivision (c) of section 675 of the banking law, as added
    2  by chapter 777 of the laws of 1983, is amended to read as follows:
    3    (c) THE BANKING ORGANIZATION, FOREIGN BANKING CORPORATION, SAVINGS AND
    4  LOAN ASSOCIATION, OR CREDIT UNION TRANSACTING  BUSINESS  IN  THIS  STATE
    5  SHALL  SEND WRITTEN NOTIFICATION TO ALL JOINT TENANTS OF AN ACCOUNT EACH
    6  TIME A JOINT TENANT WITHDRAWS OR TRANSFERS AN AMOUNT EQUAL TO OR GREATER
    7  THAN FIFTY PERCENT OF THE JOINT ACCOUNT'S TOTAL VALUE.
    8    (D) 1. The banking board shall promulgate and may from  time  to  time
    9  amend  rules  and regulations which require that the joint tenants of an
   10  account established on or after the date on which the rule or regulation
   11  becomes effective and representing any deposit or shares governed by the
   12  foregoing provisions of this section, shall, at the time the account  is
   13  established  be  informed  of  the  terms  and conditions of the account
   14  including the relationship and consequences between the parties  in  the
   15  account  and  the  responsibilities  of  the  institution with which the
   16  account is established.
   17    2. This subdivision or any rule or regulation thereunder shall not  be
   18  deemed or construed as increasing or diminishing the rights or liability
   19  of any person, or other entity.
   20    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD03886-01-1