CT HB05214

Financial institutions must deliver deposit contracts, account charge listings, and applicable disclosures in written form to depositors before opening new deposit accounts, effective October 1, 2022.

When automatically renewing time accounts with lower yields than the expiring account, institutions must provide written notice at least 30 calendar days before maturity (or 20 days before end of grace period if 5+ day grace period is allowed).

Financial institutions must mail notice at least 15 days before imposing dormancy fees on inactive accounts, printed in capital letters in no less than 12-point boldface type.

Upon closing a deposit account, institutions must mail written notice or send electronic notice within 10 business days stating the reason for closure to the depositor's address or email on file.

Notice requirements for account closure do not apply if closure is due to suspected fraud, law enforcement investigation, court directive, legal prohibition, employee safety concerns, or compliance with other state or federal law requirements.