Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 08, 2014 |
referred to banks |
Jan 14, 2013 |
referred to banks |
Senate Bill S2228
2013-2014 Legislative Session
Sponsored By
(R) Senate District
Archive: Last Bill Status - In Senate Committee Banks Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2013-S2228 (ACTIVE) - Details
- Current Committee:
- Senate Banks
- Law Section:
- Banking Law
- Laws Affected:
- Add §9-v, Bank L
2013-S2228 (ACTIVE) - Sponsor Memo
BILL NUMBER:S2228 TITLE OF BILL: An act to amend the banking law, in relation to electronic or wire transfers PURPOSE: To protect consumers by requiring banking institutions to provide consumers with a written confirmation of funds received by wire transfer. SUMMARY OF PROVISIONS: Section 1 of the bill adds a new section 9-v to the banking law relating to electronic or wire transfers of funds. The new section requires banking institutions to provide consumers with the right to obtain a written confirmation when the bank receives funds by electronic or wire transfer. Section 2 of the bill is the effective date. JUSTIFICATION: Increasingly, consumers are using electronic and wire transfers to move money from one account to another or to establish a new account at a bank. These electronic transactions are designed to be quick and convenient for consumers, especially when the banking institution has a limited number of branches located within the state of New York.
2013-S2228 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2228 2013-2014 Regular Sessions I N S E N A T E January 14, 2013 ___________ Introduced by Sen. MAZIARZ -- read twice and ordered printed, and when printed to be committed to the Committee on Banks AN ACT to amend the banking law, in relation to electronic or wire transfers THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The banking law is amended by adding a new section 9-v to read as follows: S 9-V. ELECTRONIC OR WIRE TRANSFERS. 1. EVERY BANKING INSTITUTION THAT ACCEPTS DEPOSITS TO CONSUMER ACCOUNTS BY ELECTRONIC OR WIRE TRANSFER SHALL PROVIDE CONSUMERS WITH THE RIGHT TO OBTAIN A WRITTEN CONFIRMATION OF THE RECEIPT OF FUNDS BY SUCH A TRANSFER IN ACCORDANCE WITH THE PROVISIONS OF THIS SECTION. 2. A BANKING INSTITUTION PROCESSING AN ELECTRONIC OR WIRE TRANSFER OF FUNDS IN THE AMOUNT OF ONE THOUSAND DOLLARS OR MORE TO A CONSUMER ACCOUNT SHALL, IN ACCORDANCE WITH REGULATIONS ADOPTED BY THE SUPERINTEN- DENT, PROVIDE THE OWNER OF THE CONSUMER ACCOUNT A WRITTEN CONFIRMATION OF THE RECEIPT OF SUCH FUNDS NO LATER THAN THE BUSINESS DAY FOLLOWING THE DAY ON WHICH THE FUNDS WERE TRANSMITTED, PROVIDED THAT THE OWNER OF SUCH CONSUMER ACCOUNT HAS REQUESTED A WRITTEN CONFIRMATION AND IDENTI- FIES BY ACCOUNT NUMBER THE CONSUMER ACCOUNT TO WHICH THE FUNDS WERE TRANSMITTED. 3. FOR THE PURPOSES OF THIS SECTION, THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS: (A) "BANKING INSTITUTION" SHALL MEAN ANY STATE OR FEDERALLY CHARTERED BANK, TRUST COMPANY, SAVINGS BANK, SAVINGS AND LOAN ASSOCIATION OR CRED- IT UNION; (B) "CONSUMER" SHALL MEAN AN INDIVIDUAL PERSON; AND (C) "CONSUMER ACCOUNT" SHALL MEAN AN ACCOUNT, INCLUDING A JOINT ACCOUNT, USED PRIMARILY FOR PERSONAL, FAMILY OR HOUSEHOLD PURPOSES. S 2. This act shall take effect on the ninetieth day after it shall become a law. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.