A 1799: Prohibits certain financial institutions from charging a fee for periodic paper statements when such statements are required for an application for public assistance.

  
  STATE OF NEW YORK ________________________________________________________________________ 1799 2025-2026 Regular Sessions  IN ASSEMBLY January 14, 2025 ___________ Introduced by M. of A. HYNDMAN -- read once and referred to the Commit- tee on Banks AN ACT to amend the banking law, in relation to prohibiting certain financial institutions from charging a fee for periodic paper state- ments 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-aa to 2 read as follows: 3 § 9-aa. Fees for periodic paper statements prohibited. 1. Notwith- 4 standing any other provision of law or rule or regulation to the contra- 5 ry, no financial institution subject to the provisions of this chapter, 6 including any banking organization, mortgage broker or mortgage banker, 7 interstate branch established pursuant to article five-C of this chap- 8 ter, or other investment entity subject to regulation by the department, 9 which provides an account to a customer shall charge a fee for periodic 10 paper statements when such statements are required for an application 11 for public assistance as defined in subdivision nineteen of section two 12 of the social services law. 13 2. If any provision of this section or its application to any person 14 or circumstance is held invalid, the invalidity does not affect other 15 provisions or application of this section which can be given effect 16 without the invalid provision or application, and to this end the 17 provisions of this section are severable. 18 § 2. This act shall take effect on the one hundred eightieth day after 19 it shall have become a law. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD03671-01-5