S 4603 New York Senate · 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 in committee 1 of 4 stages cleared

Introduction

Feb 2025

Committee Review

Floor Vote

Governor

Introduced Feb 10, 2025 Last action Jan 7, 2026

Maddy AI version diff · 1 comparison

What changed between versions

S4603 → S4603A · 3 edits

MINOR

This bill amendment adds language to clarify that the new banking account closure rules do not apply if federal law preempts them. It also removes a provision that previously stated nothing in the law should be construed to preempt federal disclosure laws, replacing it with clearer language about federal law supremacy.

Scope change

The bill's scope was narrowed by adding explicit language stating that the new account closure requirements do not apply to the extent they are preempted by federal law.

REQUIREMENT

Added a new subsection (2) stating that the section does not apply to the extent preempted by federal law, and clarifies that nothing in the section should require or prohibit acts mandated by federal law.

Removed language stating that nothing in the section should be construed to preempt any federal law prohibiting disclosure of account closure reasons.

TECHNICAL

Changed the bill number from 4603 to 4603-A and added committee reporting status indicating the bill was reported favorably from the Committee on Banks.

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

Jan 7, 2026

Committee

REFERRED TO BANKS

upper

Jun 13, 2025

Committee

COMMITTED TO RULES

upper

Jun 4, 2025

Upper · Passed

AMENDED ON THIRD READING 4603A

upper

Feb 10, 2025

Committee

REFERRED TO BANKS

upper

1 primary · 0 co-sponsors