Bill Text: NY A09210 | 2023-2024 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Establishes standards for the closure of bank accounts in the state of New York to include providing notice of closure and the return of funds to account owners.

Spectrum: Partisan Bill (Democrat 15-0)

Status: (Engrossed) 2024-05-15 - REFERRED TO BANKS [A09210 Detail]

Download: New_York-2023-A09210-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          9210

                   IN ASSEMBLY

                                    February 16, 2024
                                       ___________

        Introduced by M. of A. JACOBSON -- read once and referred to the Commit-
          tee on Banks

        AN  ACT  to  amend the banking law, in relation to establishing criteria
          for the closure of banking accounts in the state of New York

          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-ii to
     2  read as follows:
     3    § 9-ii. Closure of accounts. All  banking  organizations  and  out-of-
     4  state  banks  authorized  to  operate  and maintain branches pursuant to
     5  article five-C of this chapter when closing the account  of  a  customer
     6  shall:
     7    (a)  provide  sixty  days'  notice  that such account is being closed,
     8  whether for personal or business use, and provide the  reason  for  such
     9  closure;
    10    (b) continue to honor checks submitted or processed within thirty days
    11  after the closure of such account; and
    12    (c)  return  any  remaining  funds from such account within sixty days
    13  after the closure of such account to the owner.
    14    § 2. This act shall take effect immediately.





         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14062-01-4