New York A 3428: Requires municipalities to submit a multi-year financial plan to the comptroller

Bill Text

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A03428 Summary:

BILL NOA03428 

&nbsp

SAME ASSAME AS S06608

&nbsp

SPONSORRajkumar

&nbsp

COSPNSRTaylor

&nbsp

MLTSPNSR

&nbsp

Add Art 2-A §§60 - 63, Bank L

&nbsp

Creates the consumer overdraft protection act to ensure that consumers are informed of their options in regard to overdraft protection.

Go to top A03428 Actions:

BILL NOA03428 

&nbsp

01/27/2025referred to banks

01/07/2026referred to banks

Go to topA03428 Committee&nbspVotes:

Go to topA03428 Floor&nbspVotes:

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

Go to topA03428 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3428

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 27, 2025
 ___________

 Introduced by M. of A. RAJKUMAR, TAYLOR -- read once and referred to the
 Committee on Banks

 AN ACT to amend the banking law, in relation to creating the consumer
 overdraft protection act

 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 article 2-A to
 2 read as follows:
 3 ARTICLE 2-A
 4 CONSUMER OVERDRAFT PROTECTION ACT
 5 Section 60. Legislative intent.
 6 61. Definitions.
 7 62. Restrictions on overdraft protection programs or services.
 8 63. Restrictions on advertising of overdraft protection programs
 9 or services.
 10 § 60. Legislative intent. The legislature hereby finds that many New
 11 York state consumers are not informed of overdraft protection and/or
 12 fees until after such event has taken place. It is the legislature's
 13 intent to ensure that consumers are informed of their options in regard
 14 to overdraft protection prior to incurring fees by establishing appro-
 15 priate protections for such consumers.
 16 § 61. Definitions. For purposes of this article, the following terms
 17 shall have the following meanings:
 18 1. "Overdraft protection fee" means any fee or charge imposed in
 19 connection with any account on which checks or other debits are paid by
 20 the institution in which such account is held even though there are
 21 insufficient funds in the account to cover such checks or other debits,
 22 unless such fee or charge:
 23 (a) is imposed on an incidental basis as a customer accommodation and
 24 not more than three such overdraft fees are imposed during any calendar
 25 year;

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD07102-01-5

 A. 3428 2

 1 (b) is imposed in connection with an extension of credit through an
 2 overdraft line of credit through an overdraft line or credit program
 3 where such fee or charge was considered a finance charge under this
 4 article, as in effect prior to the enactment of this article; or
 5 (c) has been disclosed in connection with a program under which the
 6 overdraft is covered by funds transferred from another deposit, share,
 7 or other asset account.
 8 2. "Check" means a draft, payable on demand and drawn on or payable
 9 through or at an office of a bank, whether or not negotiable, that is
 10 handled for forward collection or return, including a substitute check
 11 and a traveler's check and does not include a noncash item or an item
 12 payable in a medium other than United States dollars.
 13 3. "Other debits" means withdrawals from an account by the consumer
 14 through an automated teller machine and electronic fund transfers from
 15 an account that are initiated or authorized by the consumer.
 16 4. "Electronic fund transfer" means any transfer of funds, other than
 17 a transaction originated by check, draft, or similar paper instrument,
 18 which is initiated through an electronic terminal, telephonic instru-
 19 ment, or computer or magnetic tape so as to order, instruct, or author-
 20 ize a financial institution to debit or credit an account. Such term
 21 includes, but is not limited to, point-of-sale transfers, automated
 22 teller machine transactions, direct deposits or withdrawals of funds,
 23 and transfers initiated by telephone. Such term does not include:
 24 (a) any check guarantee or authorization service which does not
 25 directly result in a debit or credit to a customer's account;
 26 (b) any transfer of funds, other than those processed b