New York S 4090: Prohibits a service charge or minimum balance requirement for attorney trust accounts

Bill Text

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S04090 Summary:

BILL NOS04090 

&nbsp

SAME ASSAME AS A07696

&nbsp

SPONSORPARKER

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Add §9-e, Bank L

&nbsp

Prohibits a bank or trust company from charging a service charge or requiring a minimum balance for attorney trust or IOLA accounts that are non-interest bearing in nature; defines attorney trust account.

Go to top S04090 Actions:

BILL NOS04090 

&nbsp

01/31/2025REFERRED TO BANKS

01/07/2026REFERRED TO BANKS

Go to topS04090 Committee&nbspVotes:

Go to topS04090 Floor&nbspVotes:

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

Go to topS04090 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4090

 2025-2026 Regular Sessions

 IN SENATE

 January 31, 2025
 ___________

 Introduced by Sen. PARKER -- 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 attorney trust accounts

 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. Attorney trust accounts. Notwithstanding any other provision of
 4 law or rule or regulation to the contrary, no bank or trust company
 5 regulated by the state of New York shall charge a service fee or require
 6 a minimum balance on an attorney trust account, provided that no more
 7 than fifteen debit or credit transactions per month are made in
 8 connection with such account and provided, further, that such attorney
 9 trust account is non-interest bearing or is an IOLA (interest on lawyer
 10 accounts) account. For the purposes of this section, an attorney trust
 11 account shall mean a special banking or checking account required by law
 12 or a rule of court for the deposit of funds belonging to law clients or
 13 other persons in the practice of law.
 14 § 2. This act shall take effect on the thirtieth day after it shall
 15 have become a law.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD06873-01-5

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