# New York A 5345: Enacts the uniform special deposits act New York A 5345, Enacts the uniform special deposits act, is a 2025-2026 Regular Session House bill sponsored by Pamela J. Hunter (Democratic); status signed, last action 2025-12-05 (SIGNED CHAP.583) (as of 2026-10-19). - Canonical: https://policyrisk.com/state-bill/NY-A5345-2025 - As of: 2026-10-19 - Plain-text twin of the page above; the HTML and this file carry the same facts. ## Facts - Bill: New York A 5345 - State: New York - Session: 2025-2026 Regular Session - Title: Enacts the uniform special deposits act - Status: signed - Chamber: House - Introduced: 2025-02-13 - Last action: 2025-12-05, SIGNED CHAP.583 - Sponsor: Pamela J. Hunter (Democratic) - Cosponsors: 2 - Subjects: BANKS, CODES, RULES - Touches household money: no - Roll calls: 2 (201 yes, 5 no in all) - Economic provisions PRIA read: 7 ## Summary No summary available. ## Bill overview: provisions PRIA read - Special deposits gain protection from creditors: benefit, low. Creditors generally cannot enforce claims against a bank holding a special deposit. They can reach amounts the bank owes a depositor or beneficiary only after serving the bank with enough identifying information. The bank must also have a reasonable chance to act; earlier service creates no credito… - New options for special deposit accounts: benefit, low. Beginning January 1 of the year after enactment, the law covers new qualifying special deposit agreements, including escrow and tenant security deposits. The agreement must choose this law and name a permitted purpose; deposits need at least two beneficiaries and government-authorized currency. Pay… - Banks face limits on deposit deductions: mixed, low. Banks generally cannot take special deposit funds to offset debts. The agreement can allow deductions for beneficiary payments, up to the amount owed, overdraft-related fees, and costs directly tied to the deposit. Banks can also reverse earlier credits when New York mistake-and-repayment law permi… - Banks owe duties but limit liability: mixed, low. Banks must follow the agreement and law, but holding a special deposit creates no duty to act as a trustee. When payment is owed, the bank becomes a debtor to the beneficiary. Banks owe damages caused by noncompliance; indirect losses, special damages, and punishment damages are excluded unless oth… - Deposit agreements protect rights with exceptions: mixed, low. Agreements generally cannot waive core deposit requirements or creditor protections, but can change specified payment, bank-duty, and ending rules. They cannot substantially excuse liability or limit remedies for failing to meet duties under this law. Banks and depositors can amend without a benefi… - Deposit recipients gain limited payment rights: mixed, low. Depositors and beneficiaries do not own the special deposit itself; their property right is to payment when the bank owes it. Unless the agreement says otherwise, payment is immediately due when the required event occurs, the bank knows, and collected funds suffice. If funds fall short, the bank's… - Special deposits end and return balances: mixed, low. Unless the agreement says otherwise, a special deposit ends five years after it is first funded. If money remains and an entitled beneficiary cannot be identified or found, the bank pays the depositor or depositors. That payment ends the bank's further obligations for the deposit. The deposit must… ## Sponsors and cosponsors - Sponsor: Pamela J. Hunter (Democratic), House - Cosponsor: Al Taylor (Democratic), House - Cosponsor: Nader Sayegh (Democratic), House ## Roll call votes | Date | Chamber | Motion | Result | Yes | No | Other | | --- | --- | --- | --- | --- | --- | --- | | 2025-06-05 | Senate | FLOOR Vote | pass | 55 | 5 | | | 2025-05-29 | House | Assembly floor vote | pass | 146 | 0 | | ## Actions (15) - 2025-12-05: SIGNED CHAP.583 (House) - 2025-12-01: DELIVERED TO GOVERNOR (House) - 2025-06-05: RETURNED TO ASSEMBLY (Senate) - 2025-06-05: PASSED SENATE (Senate) - 2025-06-05: 3RD READING CAL.1171 (Senate) - 2025-06-05: SUBSTITUTED FOR S4323 (Senate) - 2025-05-29: REFERRED TO BANKS (Senate) - 2025-05-29: DELIVERED TO SENATE (House) - 2025-05-29: PASSED ASSEMBLY (House) - 2025-05-29: ORDERED TO THIRD READING RULES CAL.316 (House) - 2025-05-29: RULES REPORT CAL.316 (House) - 2025-05-29: REPORTED (House) - 2025-05-28: REPORTED REFERRED TO RULES (House) - 2025-05-19: REPORTED REFERRED TO CODES (House) - 2025-02-13: REFERRED TO BANKS (House) ## Bill text - Original, 2025-02-13: [PDF](https://legislation.nysenate.gov/pdf/bills/2025/A5345) ## Related bills - S 10643: Relates to labor peace agreements and the cannabis industry wage board; repealer (signed) - S 9051: Prohibits artificial intelligence companions from using features which are considered unsafe for minors (signed) - A 5175: Requires certain security features and warning labels on baby monitors (signed) - A 11443: Relates to commercial food fish licenses (signed) - A 10343: Relates to fees and expenses in unemployment insurance proceedings; extending effectiveness (signed) - A 10052: Extends the effectiveness of the authority of the town of Red Hook to impose real estate transfer taxes and to deposit revenue from such taxes into a community… (signed) ## Sources - [Original (PDF)](https://legislation.nysenate.gov/pdf/bills/2025/A5345) ## Related - [S 10643: Relates to labor peace agreements and the cannabis industry wage board; repealer](https://policyrisk.com/state-bill/NY-S10643-2025) - [S 9051: Prohibits artificial intelligence companions from using features which are cons…](https://policyrisk.com/state-bill/NY-S9051-2025) - [A 5175: Requires certain security features and warning labels on baby monitors](https://policyrisk.com/state-bill/NY-A5175-2025) - [A 11443: Relates to commercial food fish licenses](https://policyrisk.com/state-bill/NY-A11443-2025) - [A 10343: Relates to fees and expenses in unemployment insurance proceedings; extending e…](https://policyrisk.com/state-bill/NY-A10343-2025) - [A 10052: Extends the effectiveness of the authority of the town of Red Hook to impose re…](https://policyrisk.com/state-bill/NY-A10052-2025) - [New York bills](https://policyrisk.com/states/new-york/bills) - [New York state hub](https://policyrisk.com/states/new-york) - [All state legislation](https://policyrisk.com/state-bills) Source: PRIA, https://policyrisk.com/state-bill/NY-A5345-2025 (as of 2026-10-19).