2013 -- S 0305

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LC01287

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STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2013

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A N A C T

RELATING TO FINANCIAL INSTITUTIONS - CHECKING ACCOUNTS

     Introduced By: Senators Raptakis, Metts, and Pichardo

     Date Introduced: February 13, 2013

     Referred To: Senate Corporations

It is enacted by the General Assembly as follows:

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     SECTION 1. Chapter 19-9 of the General Laws entitled "Community Obligations and

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Banking Offenses" is hereby amended by adding thereto the following section:

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     19-9-21.2. Checking account credit card charges. – It shall be unlawful for any

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regulated institution or other insured deposit-taking institution duly organized under the laws of

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the United States, to charge:

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     (1) An overdraft fee amount in excess of the overdraft amount created by any check;

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     (2) A daily overdraft fee for each day that a checking account is overdrawn.

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     SECTION 2. This act shall take effect upon passage.

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LC01287

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N A C T

RELATING TO FINANCIAL INSTITUTIONS - CHECKING ACCOUNTS

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     This act would prohibit regulated financial institutions from charging an overdraft fee in

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excess of the overdraft amount. It would also prohibit the charging of a daily overdraft fee for

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each day that a checking account is overdrawn.

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     This act would take effect upon passage.

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LC01287

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