S8649 — Establishes multiple-person accounts; repealer

Summary

Provides for multiple-person accounts; requires a signature card; provides that absent indication to the contrary, funds remaining in such an account upon the death of the depositor shall be deemed part of the depositor's estate.

Bill Text

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Compared against the New York Consolidated Laws as published AI-generated reading aid — verify against the official bill.

This bill amends 1 section(s) of the New York Consolidated Laws: Section 675 of the banking law.

• Section 675 of the banking law

  convenience → (d) This section shall not apply to accounts established after July first, two thousand twenty-six in New York state for personal use. § 678. Multiple-person accounts; personal account ownership and payment. 1. Definitions. Notwithstanding any other provisions of law, for the purposes of this section: (a) "Account" means a contract of deposit between one or more account owners and a bank. (b) "Administer" means, in connection with the account signature card, a bank offering the account signature card to one or more account owners upon establishing or changing the terms of a single-owner or multiple- person account and providing information to help such account owner or owners to understand and complete such account signature card; provided however, that nothing in this section shall be construed to require bank personnel to provide legal or estate planning advice to an account owner or owners pursuant to this section. (c) "Account owner" means a person who, by the terms of an account, has a present right, subject to request, to payment from the account other than an authorized signer. (d) "Account signature card" means the following contract of deposit establishing the terms of a single-owner or multiple-person account in the following form, or a substantially equivalent form in the account owner's primary language, in fourteen-point type, published by the department of financial services, whether in physical or electronic written form: ACCOUNT SIGNATURE CARD italics THIS IS AN IMPORTANT LEGAL DOCUMENT. THE SELECTIONS BELOW WILL DETERMINE WHO OWNS THE FUNDS IN THIS ACCOUNT AND HOW SUCH FUNDS WILL PASS UPON THE DEATH OF AN ACCOUNT OWNER. YOU MAY WISH TO CONSULT AN ATTORNEY. I. ACCOUNT OWNER(S). Identify the account owner or owners. Each account owner's share of the account funds is equal to their deposits minus their withdrawals. The bank is not responsible for deter- mining shares and may pay funds to any identified account owner. 1. 2. 3. II. AUTHORIZED SIGNER(S). Identify the authorized signer or signers (optional). The account owner or owners may (but need not) designate one or more "authorized signers" to make account transactions for their convenience. An authorized signer has no right to take possession of account funds or use such funds for personal benefit. While any account owner lives, the bank may pay funds to any identified authorized signer. 1. 2. 3. III. DISPOSITION OF ACCOUNT WITH MULTIPLE OWNERS UPON DEATH. Only answer the following question if the account has more than one owner. Should a deceased account owner's share of the account funds pass to the other surviving account owner or owners? ____ NO. A deceased account owner's share of the account funds should be disposed of as part of such owner's estate. ____ YES. A deceased account owner's share of the account funds should pass to the surviving account owner or owners. Signature Block and Notarization Account owner(s) and authorized signer(s) MUST SIGN AND DATE BELOW. Any signature below must be acknowledged before a notary public to ensure its validity if this signature card has not been administered by a bank. By signing below, I acknowledge that I have reviewed each section of this form and understand the ownership rights associated with the account selections above. I have marked the type of account I want. Account Owner Signature ________________________________ Date ________ By signing below, I acknowledge that I have reviewed each section of this form and understand the ownership rights associated with the account selections above. As an authorized signer, I understand that I do not own the funds in this account and have no right to use such funds for my personal benefit or to take possession of such funds upon an account owner's death. Authorized Signer(s) Signature ________________________ Date _______ (e) "Authorized signer" means a person authorized to make account transactions for the convenience of an account owner but who does not own the acco

  added

Action History

1. January 07, 2026

   REFERRED TO BANKS

Sponsors

• James Sanders Jr. · Primary

Subjects