An Act relative to customer reimbursement in instances of financial fraud

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

An Act relative to customer reimbursement in instances of financial fraud

An Act relative to customer reimbursement in instances of financial fraud By Representative Ayers of Quincy, a petition (accompanied by bill, House, No.

What This Bill Does

• An Act relative to customer reimbursement in instances of financial fraud By Representative Ayers of Quincy, a petition (accompanied by bill, House, No.
• 1081) of Bruce J.
• Ayers relative to customer reimbursement in instances of financial fraud.
• Financial Services.

Limits and Unknowns

• This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Official Summary Text

An Act relative to customer reimbursement in instances of financial fraud
By Representative Ayers of Quincy, a petition (accompanied by bill, House, No. 1081) of Bruce J. Ayers relative to customer reimbursement in instances of financial fraud. Financial Services.

Current Bill Text

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Bill H.1081

Chapter 167 of the General Laws is hereby amended by adding the following section:-

Section 52. In the event of a finding by a bank of fraudulent charges on a customer’s account, the bank shall reimburse the customer any money lost by the customer as a result of the fraudulent charges within 30 days. The failure of a bank to reimburse a customer for fraudulent charges shall be an unfair practice under section 2D.

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