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2013 Legislative Summaries

Changes to the Banking Law and Related Chapters

Note: Legislation is presented in numeric order based on 2013 Chapter Law

Open-End Loans
Ch. 32 of the Laws of 2013
Chapter 32 extends the effectiveness of certain provisions of the Banking Law relating to permissible fees in connection with open end loans.

National Bank Check Cashing Exemption
Ch. 33 of the Laws of 2013
Chapter 33 relates to extending the provisions of chapter 591 of the laws of 2001 which limited the check cashing exemption for national banks. It provides that any separate check cashing facilities established by banking institutions shall be subject to the existing distance standard applicable to licensed check cashers.

ATM Disclosure Requirements
Ch. 199 of the Laws of 2013

Chapter 199 relates to automated teller machine fee disclosure. It eliminates provisions requiring an automated teller machine operator to post a sign that a fee is imposed for the use of such machine, as well as the amount of such fee. Chapter 199 aligns state law with current provisions of federal law relating to ATM fee disclosure requirements.

Regulatory Efficiency
Ch. 227 of the Laws of 2013
Chapter 227 enhances regulatory efficiency and efficacy in the Banking Law and General Business Law by, among other modifications, authorizing the Superintendent to require that ATM safety reports be filed electronically. Additionally, the General Business Law is amended to allow the Department of Financial Services to make available information on credit cards more cost-effectively than is required by current law and to require credit card issuers to place their telephone information in a location where it will not be confused with the number of the Department of Financial Services.

Certificates of Merit in Residential Mortgage Foreclosure Actions
Ch. 306 of the Laws of 2013
Chapter 306 provides for the filing of a certificate of merit in any residential foreclosure action involving a home loan in which the defendant is a resident of the property subject to the foreclosure. This measure would add a new section 3012-b to the CPLR in relation to residential foreclosure actions. This new section would create a procedure whereby the plaintiff lender's attorney must take certain steps to ascertain that his or her client has standing to maintain the action.

Unsolicited Convenience Checks
Ch. 467 of the Laws of 2013

Chapter 467 prohibits the unsolicited mailing of convenience checks to consumers without the express consent of the consumer. This section provides that consumers sent convenience checks by credit or debit card issuers shall not be liable for the use of such checks unless the consumer has accepted the check by using such check.

Community Bank Deposits
Ch. 495 of the Laws of 2013
Chapter 495 relates to the maximum amount of funds which the State Comptroller and the Commissioner of Taxation and Finance may deposit and the maximum amount of funds on deposit at a community banking institution. The community bank deposit program seeks to encourage the State Comptroller and the Commissioner of Taxation and Finance to consider placing State funds into local banks.

 Non-Profit Revitalization Act of 2013
Ch. 549 of the Laws of 2013
Chapter 549 enacts the "Non-Profit Revitalization Act of 2013" to modernize key provisions of New York law governing formation, dissolution and board procedures of non-profit entities.

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