New York S04090 prohibits banks and trust companies from charging fees or requiring minimum balances on non-interest bearing attorney trust or IOLA.

New York S04090 amends the banking law by adding a new section that prohibits banks and trust companies regulated by the state from charging service fees or requiring minimum balances on attorney trust or IOLA accounts, provided no more than fifteen debit or credit transactions occur per month. An attorney trust account is defined as a special banking or checking account required by law or court rule for the deposit of funds belonging to law clients or others in the practice of law. The act takes effect 30 days after it becomes law.

New York S04090 prohibits banks and trust companies from charging fees or requiring minimum balances on non-interest bearing attorney trust or IOLA.

New York S04090 amends the banking law by adding a new section that prohibits banks and trust companies regulated by the state from charging service fees or requiring minimum balances on attorney trust or IOLA accounts, provided no more than fifteen debit or credit transactions occur per month. An attorney trust account is defined as a special banking or checking account required by law or court rule for the deposit of funds belonging to law clients or others in the practice of law. The act takes effect 30 days after it becomes law.