Read the full stored bill text
×
Bill H.1294
Section 9 of chapter 167B of the General Laws, as appearing in the 2022 Official Edition, is hereby amended by striking out subsection (a) and inserting in place thereof the following subsection:-
(a) For each electronic fund transfer initiated by a consumer from an electronic branch or point-of-sale terminal, the financial institution holding such consumer's account shall, directly or indirectly at the time the transfer is initiated, make available to the consumer written documentation of such transfer. The documentation shall clearly set forth to the extent applicable:
(1) the amount involved and the calendar date the transfer is initiated;
(2) the type of transfer and the type of the consumer's account or accounts with the financial institution from which or to which funds are transferred;
(3) a number or code that uniquely identifies the consumer initiating the transfer, the consumer's account or accounts, or the access device used to initiate the transfer;
(4) the identity of any third party to whom or from whom funds are transferred;
(5) the location or identification of the electronic branch or point-of-sale terminal involved;
(6) a transfer identification number which provides a permanent audit trail; and
(7) a list of contact information for the consumer, if the consumer may be experiencing financial abuse, which shall include, but not limited to:
(i) the financial institution holding the consumer’s account;
(ii) a non-profit that provides advice and support involving financial management;
(iii) the national domestic violence hotline;
(iv) the Massachusetts behavioral health help line;
(v) the Attorney General’s office; and
(vi) 911 if the consumer is in immediate danger.
The information required to be disclosed under clauses (4), (5) and (7) of this subsection shall be provided in readily understandable language or capable of being explained in readily understandable language.
The information contained in this website is for general information purposes only. The General Court provides this information as a public service and while we endeavor to keep the data accurate and current to the best of our ability, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
Close