Bill > A3412

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. 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. It has come to the sponsor's attention that many seniors are being forced into using "online banking," or accepting electronic account statements, by certain depository institutions charging fees for paper statements. Many seniors do not have access to computers or the computer experience necessary to manage accounts online. Therefore, this bill is intended to help senior citizens continue banking through paper statements by prohibiting depository institutions from charging fees to senior citizens for those paper account statements.

Committee Categories

Angela Mcknight (D)*,  Annette Chaparro (D),  Craig Coughlin (D),  Jamel Holley (D), 

Received in the Senate, Referred to Senate Commerce Committee (on 06/30/2016)