Bill > H1081

This bill amends Chapter 167 of the General Laws by adding a new section that requires banks to reimburse customers for fraudulent charges within 30 days of identifying such charges on a customer's account. If a bank fails to provide this reimbursement, it will be considered an unfair practice under section 2D of the law. The provision aims to protect consumers by ensuring they are not financially penalized when unauthorized transactions occur on their bank accounts, and it establishes a clear timeline for banks to investigate and resolve fraudulent charge claims. By mandating prompt reimbursement, the bill seeks to provide financial security and confidence for bank customers who become victims of financial fraud.

Business and Industry

https://malegislature.gov/Bills/194/H1081