Prohibits certain financial institutions from charging a fee for periodic paper statements when such statements are required for an application for public assistance.
Summary
Bill A01799 seeks to amend the banking law in New York by prohibiting financial institutions from charging fees for periodic paper statements when these statements are required for applications for public assistance. This legislation aims to alleviate financial burdens on individuals seeking public assistance, ensuring that they have access to necessary documentation without incurring additional costs. The bill specifically targets banking organizations, mortgage brokers, and other investment entities regulated by the state.
Impact
If enacted, this bill would significantly impact state banking regulations by establishing a clear prohibition against fees for paper statements in specific circumstances. It would protect low-income individuals applying for public assistance from being charged for essential documentation, thereby promoting equitable access to necessary services. This change could lead to broader implications for how financial institutions manage customer accounts and the types of fees they impose.
Sentiment
The sentiment surrounding Bill A01799 appears to be overwhelmingly positive, as evidenced by the voting history. The bill received unanimous support in committee votes, with no opposition noted. The final passage in the Assembly also showed strong backing, indicating a collective recognition of the bill's importance in supporting vulnerable populations.
Contention
While there seems to be broad support for the bill, potential points of contention may arise from financial institutions concerned about the implications of lost revenue from fees. However, no significant opposition has been recorded in the discussions or votes thus far, suggesting that the benefits of the bill in supporting public assistance applicants are currently prioritized over the concerns of financial institutions.
Same As
Prohibits certain financial institutions from charging a fee for periodic paper statements when such statements are required for an application for public assistance.
Prohibits certain financial institutions from charging a fee for periodic paper statements when such statements are required for an application for public assistance.
Prohibits certain financial institutions from charging a fee for periodic paper statements when such statements are required for an application for public assistance.
Prohibits certain financial institutions from charging a fee for making monthly, semi-monthly, and biweekly payments or for changing the frequency of mortgage payments.
Prohibits certain financial institutions from charging a fee for making monthly, semi-monthly, and biweekly payments or for changing the frequency of mortgage payments.
Requires all motor vehicle insurers to file annual detailed financial and claim data statements with the superintendent of financial services; provides that all such statements shall be made available to the public.
Requires all motor vehicle insurers to file annual detailed financial and claim data statements with the superintendent of financial services; provides all such statements shall be made available to the public.