2012 -- S 2437

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LC00291

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STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2012

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A N A C T

RELATING TO FINANCIAL INSTITUTIONS -- COMMUNITY OBLIGATIONS AND

BANKING OFFENSES

     Introduced By: Senators Sheehan, Perry, Pichardo, Crowley, and P Fogarty

     Date Introduced: February 16, 2012

     Referred To: Senate Corporations

It is enacted by the General Assembly as follows:

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     SECTION 1. Section 19-9-21.1 of the General Laws in Chapter 19-9 entitled

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"Community Obligations and Banking Offenses" is hereby amended to read as follows:

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     19-9-21.1. Fee disclosure by banks, credit unions and other financial institutions. –

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(a) Any bank, credit union, or other financial institution doing business in this state, shall display

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a notice that enumerates that there may be charges imposed by the institution of which the

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customer may not be aware.

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     (b) No bank, credit union or other financial institution doing business in this state shall:

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     (1) Assess a fee if the aggregate amount of overdraft is less than ten dollars ($10.00) in

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one calendar day; and

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     (2) Assess more than three (3) overdraft fees in one calendar day, unless the per day

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aggregate amount overdrawn exceeds one hundred dollars ($100).

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     (c) Any bank, credit union, or other financial institution doing business in this state shall

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offer customers a program to "opt in" which stops reordering transactions from largest to

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smallest.

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     SECTION 2. This act shall take effect upon passage.

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LC00291

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N A C T

RELATING TO FINANCIAL INSTITUTIONS -- COMMUNITY OBLIGATIONS AND

BANKING OFFENSES

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     This act would limit the amounts that financial institutions may charge for non-sufficient

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funds fees, overdraft fees, and returned check fees.

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     This act would take effect upon passage.

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LC00291

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