Assembly Bill A9787

Signed By Governor
2011-2012 Legislative Session

Relates to preauthorized electronic fund transfers

download bill text pdf

Sponsored By

Archive: Last Bill Status Via S219 - Signed by Governor


  • 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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions
Votes

co-Sponsors

2011-A9787 (ACTIVE) - Details

See Senate Version of this Bill:
S219
Law Section:
Banking Law
Laws Affected:
Amd ยง9-s, Bank L
Versions Introduced in 2009-2010 Legislative Session:
S1055

2011-A9787 (ACTIVE) - Summary

Provides that no agreement for preauthorized electronic fund transfers entered into on or after January first, two thousand thirteen permit or require the transfer of any amount as a penalty or final payment after a stop payment notice has been given.

2011-A9787 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  9787

                          I N  A S S E M B L Y

                              April 5, 2012
                               ___________

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

AN ACT to amend the banking law, in relation to preauthorized electronic
  fund transfers

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 9-s of the banking law, as added by chapter 550  of
the  laws  of  1998  and  as further amended by section 104 of part A of
chapter 62 of the laws of 2011, is amended to read as follows:
  S 9-s. Preauthorized  electronic  fund  transfers.  1.  Every  banking
institution  which provides preauthorized electronic fund transfers from
consumer accounts shall, in accordance with regulations adopted  by  the
superintendent  of  financial services, provide consumers with the right
to stop payment by giving written or  oral  notice  within  a  specified
period  of  time  prior to such transfer. [Any banking institution which
complies with the stop payment  provisions  of  the  federal  Electronic
Funds  Transfer  Act,  as such act may be amended from time to time, and
any regulations adopted pursuant thereto,  shall  be  deemed  to  be  in
compliance  with  the  provisions of this section.] For purposes of this
section, "banking institution" shall mean any state or  federally  char-
tered bank, trust company, savings bank, savings and loan association or
credit union, and "consumer account" shall mean an account used primari-
ly for personal, family or household purposes.
  2.  NO  AGREEMENT  FOR PREAUTHORIZED ELECTRONIC FUND TRANSFERS ENTERED
INTO ON OR AFTER JANUARY FIRST, TWO THOUSAND THIRTEEN  SHALL  PERMIT  OR
REQUIRE  THE  TRANSFER FROM A CONSUMER ACCOUNT OF ANY FUNDS AS A PENALTY
OR A FINAL PAYMENT AFTER THE CONSUMER HAS GIVEN WRITTEN OR  ORAL  NOTICE
TO STOP PAYMENT TO HIS OR HER FINANCIAL INSTITUTION.
  3.  ANY  BANKING  INSTITUTION  WHICH  COMPLIES  WITH  THE STOP PAYMENT
PROVISIONS OF THE FEDERAL ELECTRONIC FUNDS TRANSFER ACT, AS SUCH ACT MAY
BE AMENDED FROM TIME TO TIME, AND ANY REGULATIONS ADOPTED PURSUANT THER-
ETO, SHALL BE DEEMED TO BE IN COMPLIANCE WITH  THE  PROVISIONS  OF  THIS
SECTION.
  S 2. This act shall take effect immediately.

 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.