A 5031 New York Assembly · 2025 Regular Session

Establishes standards for the closure of banking accounts in the state of New York

Summary

Establishes standards for the closure of bank accounts in the state of New York to include providing notice of closure and the return of funds to account owners.

Bill status died 3 of 5 stages cleared

Introduction

Feb 2025

Committee Review

Jun 2025

Assembly Passage

Jun 2025

Senate Passage

Governor

Introduced Feb 11, 2025 Last action Mar 12, 2026

Maddy AI version diff · 2 comparisons

What changed between versions

A5031A → A5031B · 2 edits

MINOR

This bill amendment changes the notice period for bank account closures from 60 days to 30 days and delays the law's effective date from immediate to 90 days after enactment. These changes reduce the time banks must give customers before closing accounts and provide more time for the new rules to take effect.

REQUIREMENT

Reduced the required notice period for bank account closures from sixty days to thirty days

TIMELINE

Changed the effective date from immediate to ninety days after the bill becomes law

Floor votes · Assembly Jun 9, 2025

How they voted

104–37

Passed · 8 other

Total votes 149

Jun 9, 2025

D Democratic102

95 Yea 7

93% Yea

R Republican47

9 Yea 37 Nay 1

78% Nay

Vote distribution

All Yea All Nay Mixed No data

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

Mar 12, 2026

Lower · Passed

AMENDED ON THIRD READING 5031B

lower

Jun 9, 2025

Committee

REFERRED TO RULES

upper

Jun 9, 2025

Lower · Passed

PASSED ASSEMBLY

lower

May 19, 2025

Committee

REPORTED REFERRED TO RULES

lower

May 14, 2025

Lower · Passed

PRINT NUMBER 5031A

lower

May 14, 2025

Lower · Passed

AMEND AND RECOMMIT TO BANKS

lower

Feb 11, 2025

Committee

REFERRED TO BANKS

lower

1 primary · 13 co-sponsors