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Assembly requires 60‑day notice, reason before state‑chartered banks close accounts
Summary
A bill requiring state‑chartered banks to provide 60 days’ notice and state a reason before closing a customer’s account passed the Assembly 101–41; sponsors said the measure protects consumers while opponents raised concerns about investigations and regulatory overlap.
The Assembly passed legislation requiring state‑chartered banking institutions to provide account holders with 60 days’ written notice and an explanation of the reason before closing an account, and to return outstanding funds within 60 days after closure. The floor vote was 101–41 in favor.
Sponsor Assemblymember Jacobson said the bill aims to prevent sudden account closures that can lead…
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