Bill
Bill > H1219
MA H1219
To require financial institutions to pay late fees when it fails to conduct an electronic transfer
summary
Introduced
03/29/2021
03/29/2021
In Committee
03/29/2021
03/29/2021
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
192nd 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 requires financial institutions to pay late fees to consumers when the institution fails to conduct an authorized electronic transfer, resulting in the consumer being charged a fine, penalty, or late fee by a third party. If the financial institution willfully and knowingly fails to comply, the consumer is entitled to treble damages. The bill aims to hold financial institutions accountable for their electronic transfer failures and provide relief to consumers who face additional charges due to the institution's mistake.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Accompanied a study order, see H4976 (on 09/01/2022)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/192/H1219 |
| Bill | https://malegislature.gov/Bills/192/H1219.pdf |
Loading...