FL H0585

Customers or members who believe a financial institution terminated, suspended, or restricted their account access in bad faith may file a complaint with the Office of Financial Regulation within 30 calendar days of the action

The Office of Financial Regulation must notify the financial institution within 30 days of receiving a complaint, the institution must file a termination-of-access report within 30 days of notification, and the office must complete its investigation within 90 days of receiving that report

Qualified public depositories found to have acted in bad faith or failed to cooperate with investigations face suspension, disqualification, or administrative penalties of up to $1,000 per day of violation, with required restitution at the legal interest rate

Aggrieved customers or members may bring a private cause of action for damages, costs, and reasonable attorney fees if the office determines bad faith, but must prove bad faith beyond a reasonable doubt and file suit within 12 months of the office's finding

Complaints do not apply when account restrictions resulted from the customer initiating the change, account inactivity, or the account being presumed unclaimed property under Chapter 717