Bill
Bill > H972
MA H972
MA H972To require financial institutions to pay late fees when it fails to conduct an electronic transfer
summary
Introduced
02/16/2023
02/16/2023
In Committee
02/16/2023
02/16/2023
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
193rd 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 any late fees, penalties, or charges incurred by a consumer when the financial institution fails to conduct an authorized electronic transfer, unless the failure was for reasons specified in existing law. If the financial institution willfully and knowingly fails to comply, the consumer is entitled to triple the amount of damages. The bill aims to hold financial institutions accountable for their failures in processing electronic transfers, and provide relief to consumers who face consequences as a result.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Accompanied a study order, see H4705 (on 06/03/2024)
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/193/H972 |
| BillText | https://malegislature.gov/Bills/193/H972.pdf |
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