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
In Committee
01/22/2019
Crossed Over
Passed
Dead
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)

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