Prohibits predatory automated teller machine fees at casinos and colleges.
Summary
Bill S06695 aims to amend the general business law in New York to prohibit excessive automated teller machine (ATM) fees at casinos and colleges. The bill defines 'predatory fees' as those exceeding a monetary amount to be established by the superintendent of the department of financial services, which must be fair, reasonable, and consistent with industry standards. It mandates that casinos and colleges cannot knowingly allow ATMs that charge fees above this established amount and outlines penalties for violations.
Impact
If enacted, this bill would significantly affect the operations of ATMs located within casinos and colleges in New York State. It would establish a regulatory framework to prevent excessive fees, thereby protecting consumers from potential exploitation. The bill also empowers the superintendent of the department of financial services to periodically review and adjust the fee limits, ensuring that they remain relevant to current industry practices.
Sentiment
The sentiment surrounding Bill S06695 appears to be generally supportive, particularly among consumer advocacy groups who view it as a necessary measure to protect consumers from unfair financial practices. However, there may be concerns from some stakeholders in the casino and higher education sectors regarding the implications for their revenue from ATM services.
Contention
Notable points of contention may arise from the casino and college administrations, who might argue that the bill could limit their ability to generate revenue from ATM services. Additionally, there may be discussions about what constitutes a 'fair and reasonable' fee, as this could vary widely among different institutions and financial service providers.