New York Assembly Bill A06753 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 6753 2025-2026 Regular Sessions  IN ASSEMBLY March 11, 2025 ___________ Introduced by M. of A. HUNTER, SAYEGH -- 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-e to 2 read as follows: 3 § 9-e. 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 on the first of January next succeed- 22 ing the date on which it shall have become a law. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08601-01-5