Bill Text: MA S498 | 2009-2010 | 186th General Court | Introduced
Bill Title: Require financial institutions to pay late fees when it fails to conduct an electronic transfer
Sponsorship: Partisan Bill (Democrat 1)
Status: (Introduced - Dead) 2010-08-05 - Accompanied a study order, see S02594 [S498 Detail]
Download: Massachusetts-2009-S498-Introduced.html
The Commonwealth of Massachusetts
_______________
PRESENTED BY:
Morrissey, Michael (SEN)
_______________
To the
Honorable Senate and House of Representatives of the Commonwealth of
Massachusetts in General
��������������� Court assembled:
��������������� The undersigned legislators and/or citizens respectfully petition for the passage of the accompanying bill:
An Act to require financial institutions to pay late fees when it fails to conduct an electronic transfer.
_______________
PETITION OF:
|
Name: |
District/Address: |
|
Morrissey, Michael (SEN) |
Norfolk and Plymouth |
[SIMILAR MATTER FILED IN PREVIOUS
SESSION
SEE SENATE, NO. S00621 OF 2007-2008.]
The Commonwealth of Massachusetts
_______________
In the Year Two Thousand and Nine
_______________
An Act to require financial institutions to pay late fees when it
fails to conduct an electronic transfer.
��������������� Be
it enacted by the Senate and House of Representatives in General Court
assembled, and by the authority of the same, as follows:
����������� SECTION 1. Chapter 167B of the General Laws, as appearing in the 2002 official edition, is amended by inserting after section 10 the following new section:-
Section 10A. If a financial institution fails to pay a preauthorized transfer authorized by a consumer for any reason other than those stated in section 10, and as a result the consumer is charged with a fine, penalty and/or late charge, by a third party then said financial institution shall pay the third party or reimburse the consumer the fine, penalty and/or charge, and any interest associated with the failure to pay within 5 days of discovering the error by the financial institution or within 5 days of when the consumer reports to the error to the financial consumer. Should a financial institution who willfully and knowingly fails to comply with this section, then a consumer shall be entitled to treble damages as determined under clause (1) of subsection (a) of section 20 from said financial institution.
