Bill
H 1111
Overview: H 1111 - An Act to require financial institutions to pay late fees when it fails to conduct an electronic transferPurpose and Intent: The main goal of this bill is to hol
Overview: H 1111 - An Act to require financial institutions to pay late fees when it fails to conduct an electronic transfer
Purpose and Intent: The main goal of this bill is to hold financial institutions accountable for delays in processing electronic fund transfers by requiring them to pay late fees to consumers in certain situations.
Key Provisions:
- Requires financial institutions to pay a late fee to consumers if they fail to complete an electronic transfer within the timeframe specified by law
- Establishes a minimum late fee amount and allows consumers to recover additional damages in certain cases
- Provides exceptions for delays caused by factors outside the financial institution's control
Affected Parties and Impacts:
- Consumers who experience delays in electronic fund transfers due to financial institution errors or failures
- Financial institutions, which will be responsible for paying late fees and potentially facing other penalties for noncompliance
Procedural and Timeline Considerations:
The bill has been accompanied by a study order (H4712), indicating that further analysis or consideration may be needed before the legislation can proceed. The current status and next steps for the bill are unclear.
Compiled from official sources — confirm details with the bill’s official record.
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