§ 314-1. Legislative intent.

A. 

This Legislature hereby finds and determines that many banks are now charging their customers exorbitant fees for reduced services rendered, which at a time of economic difficulty impose a financial hardship on the residents of Suffolk County.

B. 

This Legislature further finds and determines that the best way to provide direct immediate protection against unconscionable or exploitative banking practices is through the magic of free market, open competitive practices rather than through the heavy hand of government mandates.

C. 

This Legislature also finds and determines that the best way to enhance competition is through a widespread public information and education program that will rank financial institutions providing banking services throughout the County of Suffolk on the basis of consumer-protection criteria.

D. 

Therefore, the purpose of this chapter is to encourage banks to engage in consumer-friendly activities by providing a quarterly ranking of banks, financial institutions or lending institutions doing business within the County of Suffolk in accordance with consumer-protection criteria.