Bill > A01799

This bill amends the New York banking law to prohibit financial institutions (such as banks, mortgage brokers, and investment entities) from charging fees for periodic paper statements when those statements are specifically needed to support an application for public assistance, as defined in the social services law. The legislation aims to remove a potential financial barrier that might prevent individuals from accessing necessary documentation when applying for public benefits. The bill includes a severability clause, which means that if any part of the law is found to be invalid, the rest of the law can still be enforced. The law will go into effect 180 days after it is signed, giving financial institutions time to adjust their policies and systems to comply with the new requirement. By eliminating statement fees in this specific context, the bill seeks to make the public assistance application process more accessible and less financially burdensome for applicants.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A1799