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2011 SESSION

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SB 1304 Electronic transfer of funds; required approval to transfer into consumer deposit account.

Introduced by: Frank M. Ruff, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Electronic transfer of funds; required approval.  Requires a financial institution to give a depositor two weeks notice prior to honoring instructions directing the financial institution to electronically transfer funds in the consumer deposit account if the instructions do not include or contain the signature of a party to the consumer deposit account consenting to or approving the transfer. If the depositor does not notify the financial institution that he has not authorized the transfer, the financial institution may honor the instructions. If the depositor notifies the financial institution that he has not authorized the transfer, the financial institution shall cease making such transfers until it has determined that the transfers have been authorized by a party to the account or are otherwise legally required or permitted.

FULL TEXT

• 01/12/11  Senate: Prefiled and ordered printed; offered 01/12/11 11101668D  pdf | impact statement

HISTORY

• 01/12/11  Senate: Prefiled and ordered printed; offered 01/12/11 11101668D
• 01/12/11  Senate: Referred to Committee on Commerce and Labor
• 02/07/11  Senate: Stricken at request of Patron in Commerce and Labor (15-Y 0-N)