|HB 0420||Relating to Financial Institutions|
|Sponsor:||REYNOLDS||Handling House Bill:|
|Last Action:||02/02/95 - Referred H Banks and Financial Institutions Comm.|
HB0420 Reynolds, David L.
P R E F I L E D
HB 420 -- Finance Charges for Overdrafts
This bill gives the Division of Finance the authority to set by rule the amount depository institutions and persons to whom instruments are tendered may charge for overdrafts. The charges must closely reflect the actual cost of handling such instruments.
The division will also determine the amount that can be collected by any institution or person for excess charges. Those found to be charging more than the amount set by the division are subject to fines that will be paid to the Director of Revenue and be deposited in the state treasury to the credit of the Crime Victims' Compensation fund to be used solely for victims of domestic abuse.