Bill Text: SC H4435 | 2011-2012 | 119th General Assembly | Introduced

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Bill Title: Bank fees

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2012-01-10 - Referred to Committee on Labor, Commerce and Industry [H4435 Detail]

Download: South_Carolina-2011-H4435-Introduced.html

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A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 34-3-120 SO AS TO PROVIDE THAT A BANK OR FINANCIAL INSTITUTION DOING BUSINESS IN THIS STATE, WHOSE CHARGES AND FEES ARE NOT REGULATED SOLELY BY FEDERAL LAW, MAY NOT CHARGE A FEE FOR A TRANSACTION IN THIS STATE WHERE A CUSTOMER USES A DEBIT CARD ISSUED BY IT TO MAKE A CONSUMER PURCHASE.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    Article 1, Chapter 3, Title 34 of the 1976 Code is amended by adding:

"Section 34-3-120.     (A)    A bank or financial institution doing business in this State, whose charges or fees are not regulated solely by federal law, may not charge a fee for a transaction in this State where a customer uses a debit card issued by it to make a consumer purchase.

(B)    A debit card for purposes of this section is defined as a card which does not extend credit, but which by its use immediately results in a reduction of funds in an account maintained by the customer at that bank or institution in the amount of the purchase."

SECTION    2.    This act takes effect upon approval by the Governor.