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MI SB0366

Bill

Official Source

Status

Introduced

5/21/2013

Primary Sponsor

Gretchen Whitmer

Click for details

Origin

Senate

97th Legislature

AI Summary

  • Banks prohibited from charging more than 1 overdraft fee in any 24-hour period.

  • Banks required to publish overdraft fee amounts and criteria used to determine fees on a publicly available internet website.

  • When multiple items are presented for payment on the same banking day, banks must process transactions from smallest to largest amount.

  • Defines key terms including "banking day," "item," and "overdraft fee" by reference to the Uniform Commercial Code.

Legislative Description

Financial institutions; banks; overdraft fees by state banks; regulate. Amends 1999 PA 276 (MCL 487.11101 - 487.15105) by adding sec. 4101a.

Consumer credit, other

Last Action

Referred To Committee On Banking And Financial Institutions

5/21/2013

Committee Referrals

Banking & Financial Institutions5/21/2013

Full Bill Text

No bill text available