Bill > H1294

This bill amends section 9 of chapter 167B of Massachusetts General Laws regarding ATM (Automated Teller Machine) and electronic fund transfer receipts. The bill requires financial institutions to provide written documentation for each electronic fund transfer that includes seven specific pieces of information: (1) the transfer amount and date, (2) the type of transfer and account involved, (3) a unique identifying number for the consumer or account, (4) the identity of any third party in the transfer, (5) the location of the electronic branch or terminal, (6) a transfer identification number for audit purposes, and (7) a comprehensive list of contact information for resources related to financial abuse. The new provision specifically mandates that information about third parties, terminal location, and financial abuse resources must be presented in clear, understandable language. The added contact information includes the financial institution, a non-profit financial management advisor, the national domestic violence hotline, the Massachusetts behavioral health help line, the Attorney General's office, and 911 for immediate emergencies. This bill aims to provide consumers with more transparent and supportive documentation during electronic financial transactions.

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https://malegislature.gov/Bills/194/H1294