ยง 7. Payment of dividends or interest upon unclaimed deposits or
shares; limitation of charges in connection with savings accounts. 1. No
banking organization or foreign banking corporation transacting business
in this state shall discontinue the payment of dividends or interest on
any deposit made with such organization or corporation, or reduce the
rate at which dividends or interest is paid, solely because such deposit
is inactive or unclaimed, except that payment of dividends or interest
may be discontinued for the period following June thirtieth of the year
in which the deposit is paid to the state comptroller pursuant to
section three hundred three of the abandoned property law. A share
issued by a savings and loan association or by a credit union shall be
deemed a deposit for the purposes of this section.
2. No banking organization or foreign banking corporation transacting
business in this state shall impose any service charge on an inactive
savings account which is higher than the service charge imposed by such
organization or corporation on an active savings account; provided,
however, that a banking organization or foreign banking corporation may
impose a reasonable charge on an inactive savings account for costs
related to or incurred as a result of the payment or delivery of
abandoned property to the state comptroller pursuant to the abandoned
property law.
3. The superintendent of financial services may promulgate such
regulations as he or she deems necessary and proper to implement and
define the provisions of this section.
Structure New York Laws
Article 1 - Short Title; Definitions; Miscellaneous Provisions.
2-A - Limited Liability Investment Company; Definitions.
2-B - Limited Liability Trust Companies; Definitions.
4-C - Exemptions From Certain Provisions of Chapter.
5 - Loans Pursuant to the "Servicemen's Readjustment Act of 1944."
6-C - Application Forms to Be Made Available; Certain Cases.
6-D - Requirement to State in Writing Reason for Denial of Mortgage Loan.
6-E - Graduated Payment Mortgages Authorized.
6-G - Override of Certain Provisions of United States Public Law 97-320.
6-H - Reverse Mortgage Loans Authorized.
6-K - Real Property Insurance Escrow Accounts.
6-N - Responsibility of Banks for Mortgages Being Processed for Modification.
6-O - Single Point of Contact for Modifying Delinquent Home Loans.
6-O*2 - Reverse Cooperative Apartment Unit Loans for Persons Sixty-Two Years of Age or Older.
6-P - Loan Counseling for Mortgages Guaranteed by the Servicemen's Readjustment Act of 1944.
9-B - Actions or Special Proceedings by Superintendent or Attorney-General.
9-C - Superintendent's or Attorney-General's Action for Judicial Dissolution.
9-D - Enforcement of Section Two Hundred Ninety-Six-a of the Executive Law.
9-F - Geographic Discrimination in Making Mortgage Loans Prohibited.
9-H - Imposition of Service Charges Prohibited.
9-I - Close-Out Fees Prohibited in Certain Cases.
9-I*2 - Prohibition on Depositor of Early Withdrawal Penalty in Certain Cases.
9-J - Disposal of Records; Customer Accounts.
9-K - Sale of Education Loans.
9-N - Trust Accounts; Address of Beneficiary.
9-O - Mortgage Loans; Disclosure Form.
9-P - Acceptance of Certain Checks for Deposit.
9-R - Geographic Restrictions.
9-S - Preauthorized Electronic Fund Transfers.
9-T - Unsolicited Mail-Loan Checks.
9-U - Atm Transactions by Persons Using Foreign Bank Accounts.
9-V - Savings Promotion Prize Giveaway.
9-W - Standard Financial Aide Award Letter.
9-X*2 - Fees Based on Inactivity; Notification.
9-Y - Banking Institutions to Pay Checks Drawn Therein in Order of Presentation.