Bill > A1489

Introduced Session

This bill provides that a State bank, savings bank, savings and loan association or credit union shall mail periodic account statements in paper form to any account holder that is an elder adult without charge, unless the elder adult notifies the depository institution that the elder adult chooses to opt out of receiving the periodic statement in paper form. Under the bill, a "periodic account statement" means a written statement provided on a regular basis at the end of each periodic cycle by a depository institution to an account holder that reflects all debits and credits to an account held by the account holder during a periodic cycle. A "periodic cycle" means a period of time which is equal to or shorter than a calendar quarter and, if shorter than a calendar quarter, divides a calendar quarter into approximately equal units of time. The bill provides that the Commissioner of Banking and Insurance may order a depository institution that violates the provisions of the bill to cease any violation and subject the institution to a fine of not more than $500 for each violation.

Committee Categories

Joe Danielsen (D)*,  Angela Mcknight (D)*,  Daniel Benson (D),  Annette Chaparro (D),  Craig Coughlin (D),  Carol Murphy (D), 

Introduced, Referred to Assembly Aging and Senior Services Committee (on 01/11/2022)

Official Document