New York S 8649: Relates to community preservation funds for the town of Chester

Bill Text

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S08649 Summary:

BILL NOS08649 

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SAME ASNo Same As

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SPONSORSANDERS

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COSPNSR

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MLTSPNSR

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Amd §§675 & 679, rpld & add §678, Bank L

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Provides for multiple-person accounts; requires a signature card; provides that absent indication to the contrary, funds remaining in such an account upon the death of the depositor shall be deemed part of the depositor's estate.

Go to top S08649 Actions:

BILL NOS08649 

&nbsp

01/07/2026REFERRED TO BANKS

Go to topS08649 Committee&nbspVotes:

Go to topS08649 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS08649 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 8649

 IN SENATE

 January 7, 2026
 ___________

 Introduced by Sen. SANDERS -- 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 establishing multiple-
 person accounts; and to repeal certain provisions of such law relating
 thereto

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Section 675 of the banking law is amended by adding a new
 2 subdivision (d) to read as follows:
 3 (d) This section shall not apply to accounts established after July
 4 first, two thousand twenty-six in New York state for personal use.
 5 § 2. Section 678 of the banking law is REPEALED and a new section 678
 6 is added to read as follows:
 7 § 678. Multiple-person accounts; personal account ownership and
 8 payment. 1. Definitions. Notwithstanding any other provisions of law,
 9 for the purposes of this section:
 10 (a) "Account" means a contract of deposit between one or more account
 11 owners and a bank.
 12 (b) "Administer" means, in connection with the account signature card,
 13 a bank offering the account signature card to one or more account owners
 14 upon establishing or changing the terms of a single-owner or multiple-
 15 person account and providing information to help such account owner or
 16 owners to understand and complete such account signature card; provided
 17 however, that nothing in this section shall be construed to require bank
 18 personnel to provide legal or estate planning advice to an account owner
 19 or owners pursuant to this section.
 20 (c) "Account owner" means a person who, by the terms of an account,
 21 has a present right, subject to request, to payment from the account
 22 other than an authorized signer.
 23 (d) "Account signature card" means the following contract of deposit
 24 establishing the terms of a single-owner or multiple-person account in
 25 the following form, or a substantially equivalent form in the account
 26 owner's primary language, in fourteen-point type, published by the
 27 department of financial services, whether in physical or electronic
 28 written form:

 29 ACCOUNT SIGNATURE CARD

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD09468-01-5

 S. 8649 2

 1 THIS IS AN IMPORTANT LEGAL DOCUMENT. THE SELECTIONS BELOW WILL DETERMINE
 2 WHO OWNS THE FUNDS IN THIS ACCOUNT AND HOW SUCH FUNDS WILL PASS UPON THE
 3 DEATH OF AN ACCOUNT OWNER. YOU MAY WISH TO CONSULT AN ATTORNEY.

 4 I. ACCOUNT OWNER(S). Identify the account owner or owners.

 5 Each account owner's share of the account funds is equal to their
 6 deposits minus their withdrawals. The bank is not responsible for deter-
 7 mining shares and may pay funds to any identified account owner.

 8 1.

 9 2.

 10 3.

 11 II. AUTHORIZED SIGNER(S). Identify the authorized signer or signers
 12 (optional).

 13 The account owner or owners may (but need not) designate one or more
 14 "authorized signers" to make account transactions for their convenience.
 15 An authorized signer has no right to take possession of account funds or
 16 use such funds for personal benefit. While any account owner lives, the
 17 bank may pay funds to any identified authorized signer.

 18 1.

 19 2.

 20 3.

 21 III. DISPOSITION OF ACCOUNT WITH MULTIPLE OWNERS UPON DEATH.

 22 Only answer the following question if the account has more than one
 23 owner. Should a deceased account owner's share of the account funds pass
 24 to the other surviving