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Bill

S 4228

Relates to prohibiting financial institutions from charging a fee for periodic paper statements

2025 Regular Session Introduced by Leroy Comrie

Bill S 4228 prohibits banks from charging fees for paper statements, ensuring consumers can access important financial information without extra costs.

COMMITTED TO RULES
0
WeVote Research Nonpartisan
Bill Summary · S 4228

Summary of Bill S 4228

Bill Overview

Bill Number: S 4228
Title: Relates to prohibiting financial institutions from charging a fee for periodic paper statements
Status: Committed to Rules
Introduced: February 3, 2025
Classification: Bill

Purpose and Intent

The primary purpose of Bill S 4228 is to prohibit financial institutions from imposing fees for periodic paper statements. This legislation aims to enhance consumer protection by ensuring that individuals can receive their account statements in a physical format without incurring additional costs. The bill addresses concerns regarding accessibility and transparency in financial services, particularly for those who may not have reliable internet access or prefer traditional paper statements.

Key Provisions

  • Fee Prohibition: The bill explicitly prohibits banks and other financial institutions from charging customers for periodic paper statements.
  • Consumer Rights: It reinforces the rights of consumers to receive important financial information in a format that is accessible to them, without the burden of extra fees.
  • Implementation Timeline: The bill does not specify an implementation date; however, it is currently under consideration in the legislative process.

Affected Parties

  • Consumers: The primary beneficiaries of this bill are consumers who prefer or require paper statements for their financial accounts. This includes individuals who may not be tech-savvy or those who do not have consistent access to digital banking.
  • Financial Institutions: Banks and other financial service providers will be directly impacted as they will need to adjust their policies and practices regarding the provision of paper statements.

Legislative Timeline

  • February 3, 2025: Bill introduced and referred to the Banks Committee.
  • May 5, 2025: The bill was reported for the first time to the calendar.
  • May 6, 2025: The bill was reported for the second time to the calendar.
  • May 7, 2025: The bill advanced to a third reading.
  • June 13, 2025: The bill was committed to the Rules Committee for further consideration.

Related Legislation

Bill S 4228 is related to several prior-session bills, including:
- S 6865
- S 2535
- S 5811
- S 2877
- A 1799 (companion bill)

These related bills may address similar issues regarding consumer fees and financial transparency, indicating a broader legislative interest in protecting consumers in the financial sector.

Conclusion

Bill S 4228 seeks to eliminate fees for periodic paper statements from financial institutions, promoting consumer rights and accessibility. As it progresses through the legislative process, it reflects ongoing efforts to enhance consumer protections in the banking industry.

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

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