HB 1471 - AS INTRODUCED

2020 SESSION

20-2510

11/08

HOUSE BILL 1471

AN ACT prohibiting banks from re-ordering transactions to increase overdraft fees.

SPONSORS: Rep. Thompson, Ches. 14; Rep. W. Thomas, Hills. 21; Rep. Oxenham, Sull. 1

COMMITTEE: Commerce and Consumer Affairs

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ANALYSIS

This bill prohibits banks and credit unions from re-ordering transactions to increase overdraft fees.

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Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

20-2510

11/08

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Twenty

AN ACT prohibiting banks from re-ordering transactions to increase overdraft fees.

Be it Enacted by the Senate and House of Representatives in General Court convened:

1  New Paragraph; Banks and Credit Unions; Prohibited Acts.  Amend RSA 383-A:7-701 by inserting after paragraph (f) the following new paragraph:

(g)  It shall be unlawful for any bank or credit union, or any person engaging in the business of banking, to sequence debits to any member account in any way other than that which minimizes the amount of any overdraft fee that can be assessed to such debits.

2  Effective Date.  This act shall take effect 60 days after its passage.