SB141INTRODUCED
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SB141
4YVX333-1
By Senator Butler
RFD: State Governmental Affairs
First Read: 11-Feb-25
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5 4YVX333-1 08/15/2024 TRP (L)TGW 2024-2044
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First Read: 11-Feb-25
SYNOPSIS:
Federal Consumer Laws require financial
institutions to provide paper statements for some
financial products, including credit card accounts,
bank accounts if accessible by ATM, debit card or other
electronic transactions, and mortgage accounts.
Financial institutions are not currently prohibited
from charging customers a fee to receive paper billing
statements, however, a state can pass its own law
banning these fees.
This bill would prohibit financial institutions,
mortgage brokers, mortgage bankers, and credit card
processors from charging customers a fee for paper
billing statements.
A BILL
TO BE ENTITLED
AN ACT
Relating to banks; to prohibit a financial institution,
mortgage broker, mortgage banker, or credit card processor
from charging a fee for providing a paper billing statement to
a customer.
BE IT ENACTED BY THE LEGISLATURE OF ALABAMA:
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BE IT ENACTED BY THE LEGISLATURE OF ALABAMA:
Section 1. No financial institution subject to Chapter
5A of Title 5, Code of Alabama 1975, including any banking
organization, mortgage broker, mortgage banker, and credit
card processor, which provides an account to a customer shall
charge a fee for periodic paper billing statements.
Section 2. This act shall become effective on October
1, 2025.
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