New York A 8549: Relates to joint spousal and non-spousal accounts and convenience accounts

Bill Text

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A08549 Summary:

BILL NOA08549C

&nbsp

SAME ASNo Same As

&nbsp

SPONSORLavine

&nbsp

COSPNSRTaylor

&nbsp

MLTSPNSR

&nbsp

Amd §§675 & 678, add §675-a, Bank L

&nbsp

Enacts provisions for the establishment and administration of joint accounts and non-survivorship accounts; provides for account agreements, payments during lifetime, and liability; provides for notice, competing claims, and court orders; defines terms; makes related provisions.

Go to top A08549 Actions:

BILL NOA08549C

&nbsp

05/20/2025referred to banks

06/02/2025amend (t) and recommit to banks

06/02/2025print number 8549a

01/07/2026referred to banks

01/22/2026amend (t) and recommit to banks

01/22/2026print number 8549b

02/25/2026reported referred to codes

05/18/2026amend (t) and recommit to codes

05/18/2026print number 8549c

Go to topA08549 Committee&nbspVotes:

Committee:BANKS Chair:Vanel 
DATE:02/25/2026AYE/NAY:20/8 Action: Favorable refer to committee Codes VanelAyeBolognaNay

WeprinAyeMikulinNay

TaylorAyeSmullenNay

SternAyeFitzpatrickNay

SayeghAyeLemondesNay

BurkeAyeDiPietroExcused

MitaynesAyeChangNay

SeptimoAyeChludzinskiNay

TapiaAyeMolitorNay

De Los SantosAye

CunninghamAye

LeeAye

RagaAye

BurdickAye

DaisAye

JacksonAye

TorresAbsent

HooksAye

WiederAye

WrightAye

YegerAye

Chandler-WatermAbsent

Go to topA08549 Floor&nbspVotes:

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

Go to topA08549 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 8549--C

 2025-2026 Regular Sessions

 IN ASSEMBLY

 May 20, 2025
 ___________

 Introduced by M. of A. LAVINE, TAYLOR -- read once and referred to the
 Committee on Banks -- committee discharged, bill amended, ordered
 reprinted as amended and recommitted to said committee -- recommitted
 to the Committee on Banks in accordance with Assembly Rule 3, sec. 2
 -- committee discharged, bill amended, ordered reprinted as amended
 and recommitted to said committee -- reported and referred to the
 Committee on Codes -- committee discharged, bill amended, ordered
 reprinted as amended and recommitted to said committee

 AN ACT to amend the banking law, in relation to the establishment and
 administration of joint accounts

 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) The provisions of this section shall not apply to accounts estab-
 4 lished primarily for personal, household or family purposes after the
 5 effective date of section six hundred seventy-five-a of this article or
 6 modified on or after such effective date by the addition of another
 7 person; provided, however, that the designation or revocation of author-
 8 ity under a power of attorney shall not be deemed a modification for
 9 purposes of this subdivision.
 10 § 2. Section 678 of the banking law is amended by adding a new subdi-
 11 vision 3 to read as follows:
 12 3. The provisions of this section shall not apply to accounts estab-
 13 lished primarily for personal, household or family purposes after the
 14 effective date of section six hundred seventy-five-a of this article or
 15 modified on or after such effective date by the addition of another
 16 person; provided, however, that the designation or revocation of author-
 17 ity under a power of attorney shall not be deemed a modification for
 18 purposes of this subdivision.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD11949-12-6

 A. 8549--C 2

 1 § 3. The banking law is amended by adding a new section 675-a to read
 2 as follows:
 3 § 675-a. Accounts involving multiple persons. 1. Definitions. For the
 4 purposes of this section, the following terms shall have the following
 5 meanings:
 6 (a) "Account" means a consumer transaction account between one or more
 7 account owners and a state depository institution or other financial
 8 institution, pursuant to which funds or other property are deposited or
 9 held.
 10 (b) "Account agreement" means a record, including any contract, signa-
 11 ture card, convenience signer designation, joint account attestation, or
 12 other document, that establis