Prohibits financial institutions from charging a fee for periodic paper statements required for public assistance applications.

The bill amends the banking law to prohibit certain financial institutions from charging a fee for periodic paper statements when such statements are required for an application for public assistance. This applies to banking organizations, mortgage brokers, mortgage bankers, and other investment entities regulated by the department. The prohibition is effective 180 days after the bill becomes law.

Prohibits financial institutions from charging a fee for periodic paper statements required for public assistance applications.

The bill amends the banking law to prohibit certain financial institutions from charging a fee for periodic paper statements when such statements are required for an application for public assistance. This applies to banking organizations, mortgage brokers, mortgage bankers, and other investment entities regulated by the department. The prohibition is effective 180 days after the bill becomes law.