Bill
Bill > S06849
NY S06849
NY S06849Prohibits a bank or trust company from charging a service charge or requiring a minimum balance for attorney trust or IOLA accounts that are non-interest bearing in nature; defines attorney trust account.
summary
Introduced
05/11/2023
05/11/2023
In Committee
01/03/2024
01/03/2024
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
2023-2024 General Assembly
Bill Summary
AN ACT to amend the banking law, in relation to attorney trust accounts
AI Summary
This bill prohibits banks and trust companies regulated by the state of New York from charging service fees or requiring minimum balances on attorney trust accounts, provided that the accounts are non-interest bearing or are IOLA (Interest on Lawyer Accounts) accounts and have no more than 15 debit or credit transactions per month. The bill defines an attorney trust account as a special banking or checking account required by law or court rule for the deposit of funds belonging to law clients or other persons in the practice of law.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
COMMITTED TO RULES (on 06/07/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2023/S6849 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S06849&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S06849 |
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