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H 1294

An Act relative to ATM receipts

194th Legislature (2025-2026) Introduced by Adrianne Ramos

Requires financial institutions to provide detailed written documentation of electronic fund transfers at initiation, including abuse resources and audit identifiers.

Accompanied a study order, see H4712
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Bill Summary · H 1294

Summary: H.1294 An Act relative to ATM receipts

Overview and Purpose

H.1294, introduced February 27, 2025 by Representative Adrianne Pusateri Ramos, is an act relative to ATM receipts. The bill amends existing law to require financial institutions to provide written documentation of electronic fund transfers at or near the initiation of the transfer, improving transparency and consumer access to transfer details. The measure is accompanied by a study order (H.4712) to evaluate its implementation and effects.

Key Provisions

  • Scope: Applies to every electronic fund transfer initiated by a consumer from an electronic banking channel, such as an electronic branch or a point-of-sale (POS) terminal.
  • Documentation at Initiation: Financial institutions must provide the consumer with written documentation of the transfer at the time the transfer is initiated (directly or indirectly).
  • Required Information (as applicable):
    1. Amount of the transfer and calendar date of initiation.
    2. Type of transfer and the consumer’s account or accounts involved.
    3. A number or code uniquely identifying the consumer, their accounts, or the access device used.
    4. Identity of any third party involved in the transfer.
    5. Location or identification of the electronic branch or POS terminal used.
    6. A transfer identification number that provides a permanent audit trail.
    7. Contact information for the consumer if they may be experiencing financial abuse, including:
      • The financial institution
      • A relevant non-profit offering financial management support
      • The National Domestic Violence Hotline
      • The Massachusetts Behavioral Health Help Line
      • The Attorney General’s office
      • 911 if the consumer is in immediate danger
  • Plain Language Requirement: Information in items (4), (5), and (7) must be provided in readily understandable language or be explainable in such language.

Who Is Affected

  • Primary: Financial institutions that hold consumer accounts.
  • Secondary: Consumers performing electronic fund transfers at electronic branches or POS terminals.
  • Beneficiaries of the new information: Consumers who may be experiencing financial abuse, and the listed support resources (non-profits, hotlines, Attorney General’s office, etc.).

Procedural and Timeline Aspects

  • Status: Accompanied by a study order (H.4712) to study the bill’s impact and feasibility.
  • Introduced: February 27, 2025.
  • Committee Action: Referred to the House Committee on Financial Services on February 27, 2025; Senate concurrence noted.
  • Hearing: Scheduled for April 15, 2025 (10:00 AM–1:00 PM) in the A-2 committee room.
  • Related/Previous Legislation: Similar matter previously filed (H.3759 in 2023-2024); the current version is listed as HD.363 (replaces).

Potential Impact

  • Consumer Protections: Enhanced visibility into transfer details could help consumers monitor activity and detect unauthorized or fraudulent transfers earlier.
  • Anti-Abuse Measures: The inclusion of explicit abuse-support contacts within transfer documentation offers a direct line to resources for individuals at risk.
  • Operational Considerations for Banks: Banks and credit unions may need to adjust their receipt generation processes to ensure the required information is presented clearly and at the initiation moment, which could involve system updates and staff training.
  • Privacy and Security: The requirement to provide unique identifiers and third-party details must balance transparency with privacy and data security considerations.

Bottom Line

H.1294 seeks to modernize ATM/transfer receipts by mandating comprehensive, clearly worded documentation at the moment of transfer, with built-in resources for consumers facing financial abuse. A study order accompanies the bill to assess practical implementation and effects before full enactment.

Compiled from official sources — confirm details with the bill’s official record.

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