Bill
Bill > H934
MA H934
To require financial institutions to pay late fees when it fails to conduct an electronic transfer
summary
Introduced
01/22/2019
01/22/2019
In Committee
01/22/2019
01/22/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
191st General Court
Bill Summary
For legislation to require financial institutions to pay late fees upon failure to conduct electronic transfers. Financial Services.
AI Summary
This bill would require financial institutions to pay any late fees or penalties incurred by a consumer if the financial institution fails to conduct a preauthorized electronic transfer, unless the failure was for a valid reason outlined in existing law. If the financial institution willfully and knowingly fails to comply, the consumer would be entitled to triple the amount of the late fees or penalties. The bill aims to hold financial institutions accountable for their mistakes that result in additional costs for consumers.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Accompanied a study order, see H5160 (on 12/01/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/191/H934 |
| Bill | https://malegislature.gov/Bills/191/H934.pdf |
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