Prohibits predatory automated teller machine fees at casinos and colleges.
Summary
Bill A06766 seeks to amend the general business law in New York to prohibit casinos and colleges from charging excessive fees for automated teller machine (ATM) transactions. The bill defines the terms 'casino' and 'college' and establishes a framework for determining what constitutes a fair and reasonable fee, which will be set by the superintendent of the department of financial services. It also includes provisions for penalties against casinos and colleges that allow ATMs to charge fees exceeding the established limits.
Impact
If enacted, this bill would directly affect the operations of ATMs located in casinos and colleges across New York State. It aims to protect consumers from high transaction fees, ensuring that any fees charged are consistent with industry standards. The bill also empowers the department of financial services to periodically review and adjust the fee limits, potentially leading to ongoing changes in how ATM fees are regulated in these venues.
Sentiment
The sentiment surrounding Bill A06766 appears to be generally positive, as indicated by the favorable votes in committee and on the assembly floor. The bill has garnered support from various stakeholders who advocate for consumer protection, although there is some opposition regarding the potential impact on the revenue of casinos and colleges.
Contention
Notable points of contention include concerns from some casino and college representatives about the financial implications of limiting ATM fees. Opponents argue that such regulations could affect the profitability of these institutions, while proponents emphasize the need for consumer protection against predatory practices.