§ 9-R — Geographic restrictions

New York § 9-R

• Jurisdiction: New York
• Law BNK: Banking
• Art. 1: Short Title; Definitions; Miscellaneous Provisions

Text

§ 9-r. Geographic restrictions. 1. No banking institution shall have a\npolicy or general practice of refusing to open a deposit account solely\non the basis of the geographic location of the depositor's residence or\nplace of business; provided that the banking office at which the\ndepositor seeks to open the account is within the county or, in the case\nof a county wholly contained within a city, the city in which such\nresidence or place of business is located. For purposes of this section,\n"banking institution" means any bank, trust company, savings bank,\nsavings and loan association, or branch of a foreign banking corporation\nthe deposits of which are insured by the federal deposit insurance\ncorporation, which is incorporated, chartered, organized or licensed\nunder the laws of this state or any other state or the United States.\n 2. Nothing herein contained shall prevent a banking institution from\nrequiring any person applying for a deposit account to demonstrate that\nthe residence or place of business of such person is located within the\nsame county or city, or prevent a banking institution from taking\nactions necessary to verify such person's residence or place of\nbusiness, so as to avoid being considered in violation of any law of the\nUnited States or of this state which has as its purpose the prevention\nof money laundering or other criminal or fraudulent acts, including,\nwithout limitation, 12 USC § 1829b (Bank Secrecy); 18 USC § 1341 (Frauds\nand Swindles); 18 USC § 1342 (Fictitious Name or Address); 18 USC § 2113\n(Bank Robbery and Incidental Crimes); 31 USC § 5311 through § 5326\n(Records and Reports on Monetary Instruments Transactions).\n