Bill Text: CT HB05046 | 2010 | General Assembly | Introduced

Connecticut House Bill 5046 (Prior Session Legislation)

Introduced

Bill Title: An Act Concerning Automatic Overdraft Protection.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Introduced - Dead) 2010-02-19 - Public Hearing 02/25 [HB05046 Detail]

Download: Connecticut-2010-HB05046-Introduced.html


General Assembly		*Raised Bill No. 5046*
*February Session, 2010*		LCO No. 530
		00530_______BA_
Referred to Committee on Banks
Introduced by:
(BA )

AN ACT CONCERNING AUTOMATIC OVERDRAFT PROTECTION.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. Section 36a-303 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2010):

(a) No bank, Connecticut credit union or federal credit union may charge a fee or a penalty for an overdraft if such overdraft is due to an error on a direct deposit tape of the Social Security Administration or an accidental omission from such tape.

(b) Connecticut banks shall give customers the option of waiving automatic overdraft fees or penalties when such fees or penalties are greater than the balance in the customer's account.


This act shall take effect as follows and shall amend the following sections:
Section 1	October 1, 2010	36a-303

Statement of Purpose:

To give bank customers the option of incurring a bounced check fee rather than an automatic overdraft protection fee under certain circumstances.

[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]