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CA SB1415
Bill
AI Summary
- Banks and credit unions subject to the Commissioner of Financial Protection and Innovation's examination authority must report annually by March 1 on overdraft fees and nonsufficient funds fees collected during the previous calendar year
- Reports must include the total revenue from these fees and the percentage of that revenue relative to the bank or credit union's net income
- The Commissioner must publish all reported data in an annual report and make it available on the department's website
- First report covering 2022 calendar year data was due by March 31, 2023; subsequent reports are due by March 31 each year starting in 2024
- Overdraft fees are defined as fees from debit transactions exceeding account balance; nonsufficient funds fees result from declined transactions exceeding account balance
Legislative Description
Financial Institutions Law: annual report: overdraft.
Last Action
Chaptered by Secretary of State. Chapter 847, Statutes of 2022.
9/29/2022
Committee Referrals
Appropriations6/21/2022
Banking and Finance5/27/2022
Appropriations4/20/2022
Banking and Financial Institutions3/23/2022
Rules2/18/2022
Full Bill Text
No bill text available