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MA H1111
Bill
Status
2/27/2025
Primary Sponsor
Tackey Chan
Click for details
AI Summary
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Financial institutions must pay or reimburse consumers for any fines, penalties, late charges, and associated interest when a preauthorized electronic transfer fails for reasons not already exempted under existing law (Section 10)
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Reimbursement or payment to the third party must occur within 5 days of the institution discovering the error or within 5 days of the consumer reporting it
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Consumers may recover treble (triple) damages from financial institutions that willfully and knowingly fail to comply with these requirements
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Amends Chapter 167B of the General Laws by adding new Section 10A
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Similar legislation was filed in the previous session (House No. 972 of 2023-2024)
Legislative Description
To require financial institutions to pay late fees when it fails to conduct an electronic transfer
Last Action
Accompanied a study order, see H4712
11/10/2025