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By Mr. Spellane of Worcester, petition (accompanied by bill, House, No. 1082) of Robert P. Spellane relative to improving the efficiencies of banks. Financial Services. |
The Commonwealth of Massachusetts
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PETITION OF:
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By Mr. Spellane of Worcester, petition (accompanied by bill, House, No. 1082) of Robert P. Spellane relative to improving the efficiencies of banks. Financial Services. |
The Commonwealth of Massachusetts
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PETITION OF:
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In the Year Two Thousand and Seven.
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Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
Section 2 of Chapter 167D of the General Laws, as appearing in the 2004 Official Edition, is hereby amended by striking out paragraph (1) and inserting in place thereof the following:
To receive deposits as authorized by sections two to twelve, inclusive, and sections twenty-one and thirty-one and to receive demand, time and other types of deposits upon such terms and conditions as may be agreed upon between the depositor and the bank; provided, however, that a bank shall make available to any natural person eighteen years of age or under or sixty-five years of age or older a demand deposit account and savings account which, in each instance, shall include a joint account in which the spouse of the eligible depositor, regardless of age, is the joint tenant therein or the joint tenant would otherwise be an eligible depositor, and which has been established and used for personal, family or household purposes, upon which no service, maintenance or other similar charge shall be imposed. Any such account shall not be subject to (i) a minimum balance requirement, (ii) a charge for any check, deposit or withdrawal, (iii) a fee for the initial order or subsequent refills of the basic line of checks offered by the bank, which shall include the name of the depositor(s). For the purposes of this section, the term “savings account” shall include a regular passbook, statement savings or regular NOW account. The commissioner shall, by regulation, establish the procedure whereby such persons may demonstrate eligibility and apply for such accounts.
A bank may, however, assess a fee for certain services in accordance with the bank’s published service charge schedule which shall include stop payment orders, wire transfers, certified or bank checks, money orders, and deposit items returned, transactions at electronic branches and through other electronic devices, and services not directly associated with the deposit, withdrawal or transfer of funds from any such account as may be approved by the commissioner; and that said bank may assess a reasonable charge, as determined by the commissioner, against any such checking account when payment on any check drawn on such account has been refused because of insufficient funds.
A bank shall, in the manner prescribed by the commissioner, post in each of its banking offices a notice informing consumers of the availability of the banking services prescribed by this section.
No provisions of law imposing liability for any violation of this paragraph shall apply to any act done or omitted in good faith in conformity with any rule, regulation or interpretation thereof by the commissioner notwithstanding that after such act or omission has occurred, such rule, regulation or interpretation has been amended, rescinded or determined by judicial or authority to be invalid for any reason.