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H1111 • 2025

An Act to require financial institutions to pay late fees when it fails to conduct an electronic transfer

An Act to require financial institutions to pay late fees when it fails to conduct an electronic transfer

Active

The official status still shows this bill as active or still awaiting another formal step.

Sponsor
Tackey Chan
Last action
2025-11-10
Official status
Accompanied a study order, see H4712
Effective date
Not listed

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 to require financial institutions to pay late fees when it fails to conduct an electronic transfer

An Act to require financial institutions to pay late fees when it fails to conduct an electronic transfer By Representative Chan of Quincy, a petition (accompanied by bill, House, No.

What This Bill Does

  • An Act to require financial institutions to pay late fees when it fails to conduct an electronic transfer By Representative Chan of Quincy, a petition (accompanied by bill, House, No.
  • 1111) of Tackey Chan for legislation to require financial institutions to pay late fees upon failure to conduct electronic transfers.
  • 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.

Bill History

  1. 2025-11-10 House

    Accompanied a study order, see H4712

  2. 2025-04-08 Joint

    Hearing scheduled for 04/15/2025 from 10:00 AM-01:00 PM in A-2

  3. 2025-02-27 House

    Referred to the committee on Financial Services

  4. 2025-02-27 Senate

    Senate concurred

Official Summary Text

An Act to require financial institutions to pay late fees when it fails to conduct an electronic transfer
By Representative Chan of Quincy, a petition (accompanied by bill, House, No. 1111) of Tackey Chan for legislation to require financial institutions to pay late fees upon failure to conduct electronic transfers. Financial Services.

Current Bill Text

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Bill H.1111

Chapter 167B of the General Laws, as appearing in the 2022 official edition, is amended by inserting after section 10 the following new section:-

Section 10A. If a financial institution fails to pay a preauthorized transfer authorized by a consumer for any reason other than those stated in section 10, and as a result the consumer is charged with a fine, penalty and/or late charge, by a third party then said financial institution shall pay the third party or reimburse the consumer the fine, penalty and/or charge, and any interest associated with the failure to pay within 5 days of discovering the error by the financial institution or within 5 days of when the consumer reports the error to the financial consumer.

Should a financial institution who willfully and knowingly fails to comply with this section, then a consumer shall be entitled to treble damages as determined under clause (1) of subsection (a) of section 20 from said financial institution.

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