New York State Senator Lea Webb (NY-52) has announced that she and the New York State Senate majority have passed a package of legislation designed to help the state’s increasing affordability program. The package includes a targeted effort to eliminate a variety of costly fees to help individuals and families save their money.
A central part of the legislation is the mission to make daily financial interactions simpler and more transparent for New Yorker’s. Webb’s Office says this will put an end to the “nickel and dime” practice to consumers.
“Working families and small businesses are often hit with hidden and costly fees for services that negatively impact them the most. The legislative package we advanced this week will increase affordability for working families by protecting consumers from burdensome fees and increasing transparency around our financial transactions.” Said Senator Lea Webb.
The legislation passed includes several bills. Webb’s Office has released details entailing each bill:
- New York Junk Fee Prevention Act: This bill, S7783B, sponsored by Senator Micheal Gianaris, eliminates hidden junk fees by requiring sellers to display the total price of a good or service, including all mandatory fees.
- Money Transmission Fraud Warnings: This bill, S177, sponsored by Senator Michael Gianaris, would require money transmitters to provide consumers with certain warnings about potential fraud prior to completing the transfer.
- Toll Payer Protection Act: This bill, S492B, sponsored by Senator Leroy Comrie, would establish a tolls by mail program to improve the process for notifying drivers about tolls and fines incurred, ensure that fines are fair and that vehicle registrations are not suspended because of an outstanding bill.
- Vehicle Inspection Expiration Notification: This bill, S1242A, sponsored by Senator Simcha Felder, requires the Department of Motor Vehicles to notify individuals that their personal motor vehicle inspection is subject to expiration 30 days beforehand, and provides a five-day grace period after the expiration during which time the individual shall not be fined.
- Prohibiting Benefit Banking Services Fees: This bill, S2601A, sponsored by Senator Brad Hoylman-Sigal, would prevent banks from imposing any fees for use of electronic benefit transfer cards issued by the state, certain departments or agencies.
- E-ZPass Deposit Fees: This bill, S1361A, sponsored by Senator Tim Kennedy, would waive the deposit fee required when purchasing a new E-ZPass for 60 days following a toll increase and require E-ZPass vendors to offer a cash payment option.
- Post Close-Out Bank Account Fees: This bill, S1065, sponsored by Senator Shelley Mayer, would limit a bank’s ability to charge former members with fees after their account has been closed, given the member possessed no withstanding charges.
- Health Club Contract Cancellation: This bill, S932C, sponsored by Senator Roxanne Persaud, would enhance consumer protections by requiring health clubs to accept cancellation of a membership within three business days of receiving the notice of cancellation and allow for electronic cancellation of membership contracts.
- Credit Card Service Charge Cap: This bill, S363, sponsored by Senator Kevin Thomas, would create a cap on the credit card service charge on a retail installment contract.