California 2023-2024 Regular Session

California Assembly Bill AB2017 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	Assembly Bill No. ~~2017 CHAPTER 509An~~ act to add Chapter 5.5 (commencing with Section 530) to Division 1 of the Financial Code, relating to financial institutions. ~~[ Approved by Governor September 24, 2024. Filed with Secretary of State September 24, 2024. ]~~ LEGISLATIVE COUNSEL'S DIGESTAB 2017, Grayson. Banks and credit unions: nonsufficient funds fees.Existing law, the Banking Law, defines and regulates banks and commits the enforcement of banking laws to the Commissioner of Financial Protection and Innovation. Existing law, the California Credit Union Law, defines and regulates credit unions and commits enforcement of credit union laws to the commissioner. Existing law requires a bank or credit union subject to the examination authority of the commissioner to report annually, on or before March 1, to the commissioner on the amount of revenue earned from overdraft fees and nonsufficient funds fees, as defined, collected in the most recently completed calendar year and the percentage of that revenue as a proportion of the net income of the bank.This bill would prohibit certain banks and credit unions from charging a consumer a nonsufficient funds fee when the consumers attempt to initiate a transaction is declined instantaneously or near instantaneously due to nonsufficient funds, as specified.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NO Bill TextThe people of the State of California do enact as follows:SECTION 1. Chapter 5.5 (commencing with Section 530) is added to Division 1 of the Financial Code, to read: CHAPTER 5.5. Nonsufficient Funds Fees530. A bank or credit union subject to the examination authority of the commissioner shall not charge a consumer a nonsufficient funds fee, as defined in Section 521, when the consumers attempt to initiate a transaction is declined instantaneously or near instantaneously by the bank or credit union due to nonsufficient funds.
	1	+	Enrolled August 23, 2024 Passed IN Senate August 21, 2024 Passed IN Assembly May 16, 2024 Amended IN Assembly March 18, 2024 CALIFORNIA LEGISLATURE 20232024 REGULAR SESSION Assembly Bill No. 2017Introduced by Assembly Member GraysonJanuary 31, 2024An act to add Chapter 5.5 (commencing with Section 530) to Division 1 of the Financial Code, relating to financial institutions. LEGISLATIVE COUNSEL'S DIGESTAB 2017, Grayson. Banks and credit unions: nonsufficient funds fees.Existing law, the Banking Law, defines and regulates banks and commits the enforcement of banking laws to the Commissioner of Financial Protection and Innovation. Existing law, the California Credit Union Law, defines and regulates credit unions and commits enforcement of credit union laws to the commissioner. Existing law requires a bank or credit union subject to the examination authority of the commissioner to report annually, on or before March 1, to the commissioner on the amount of revenue earned from overdraft fees and nonsufficient funds fees, as defined, collected in the most recently completed calendar year and the percentage of that revenue as a proportion of the net income of the bank.This bill would prohibit certain banks and credit unions from charging a consumer a nonsufficient funds fee when the consumers attempt to initiate a transaction is declined instantaneously or near instantaneously due to nonsufficient funds, as specified.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NO Bill TextThe people of the State of California do enact as follows:SECTION 1. Chapter 5.5 (commencing with Section 530) is added to Division 1 of the Financial Code, to read: CHAPTER 5.5. Nonsufficient Funds Fees530. A bank or credit union subject to the examination authority of the commissioner shall not charge a consumer a nonsufficient funds fee, as defined in Section 521, when the consumers attempt to initiate a transaction is declined instantaneously or near instantaneously by the bank or credit union due to nonsufficient funds.
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3		-	Assembly Bill No. ~~2017 CHAPTER 509An~~ act to add Chapter 5.5 (commencing with Section 530) to Division 1 of the Financial Code, relating to financial institutions. ~~[ Approved by Governor September 24, 2024. Filed with Secretary of State September 24, 2024. ]~~ LEGISLATIVE COUNSEL'S DIGESTAB 2017, Grayson. Banks and credit unions: nonsufficient funds fees.Existing law, the Banking Law, defines and regulates banks and commits the enforcement of banking laws to the Commissioner of Financial Protection and Innovation. Existing law, the California Credit Union Law, defines and regulates credit unions and commits enforcement of credit union laws to the commissioner. Existing law requires a bank or credit union subject to the examination authority of the commissioner to report annually, on or before March 1, to the commissioner on the amount of revenue earned from overdraft fees and nonsufficient funds fees, as defined, collected in the most recently completed calendar year and the percentage of that revenue as a proportion of the net income of the bank.This bill would prohibit certain banks and credit unions from charging a consumer a nonsufficient funds fee when the consumers attempt to initiate a transaction is declined instantaneously or near instantaneously due to nonsufficient funds, as specified.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NO
	3	+	Enrolled August 23, 2024 Passed IN Senate August 21, 2024 Passed IN Assembly May 16, 2024 Amended IN Assembly March 18, 2024 CALIFORNIA LEGISLATURE 20232024 REGULAR SESSION Assembly Bill No. 2017Introduced by Assembly Member GraysonJanuary 31, 2024An act to add Chapter 5.5 (commencing with Section 530) to Division 1 of the Financial Code, relating to financial institutions. LEGISLATIVE COUNSEL'S DIGESTAB 2017, Grayson. Banks and credit unions: nonsufficient funds fees.Existing law, the Banking Law, defines and regulates banks and commits the enforcement of banking laws to the Commissioner of Financial Protection and Innovation. Existing law, the California Credit Union Law, defines and regulates credit unions and commits enforcement of credit union laws to the commissioner. Existing law requires a bank or credit union subject to the examination authority of the commissioner to report annually, on or before March 1, to the commissioner on the amount of revenue earned from overdraft fees and nonsufficient funds fees, as defined, collected in the most recently completed calendar year and the percentage of that revenue as a proportion of the net income of the bank.This bill would prohibit certain banks and credit unions from charging a consumer a nonsufficient funds fee when the consumers attempt to initiate a transaction is declined instantaneously or near instantaneously due to nonsufficient funds, as specified.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NO
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5		-	Assembly ~~Bill No.~~ ~~2017 CHAPTER 509~~
	5	+	Enrolled August 23, 2024 Passed IN Senate August 21, 2024 Passed IN Assembly May 16, 2024 Amended IN Assembly March 18, 2024
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7		-	Assembly Bill No. 2017
	7	+	Enrolled August 23, 2024
	8	+	Passed IN Senate August 21, 2024
	9	+	Passed IN Assembly May 16, 2024
	10	+	Amended IN Assembly March 18, 2024
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9		-	CHAPTER 509
	12	+	CALIFORNIA LEGISLATURE 20232024 REGULAR SESSION
	13	+
	14	+	Assembly Bill
	15	+
	16	+	No. 2017
	17	+
	18	+	Introduced by Assembly Member GraysonJanuary 31, 2024
	19	+
	20	+	Introduced by Assembly Member Grayson
	21	+	January 31, 2024
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11	23		An act to add Chapter 5.5 (commencing with Section 530) to Division 1 of the Financial Code, relating to financial institutions.
12		-
13		-	[ Approved by Governor September 24, 2024. Filed with Secretary of State September 24, 2024. ]
14	24
15	25		LEGISLATIVE COUNSEL'S DIGEST
16	26
17	27		## LEGISLATIVE COUNSEL'S DIGEST
18	28
19	29		AB 2017, Grayson. Banks and credit unions: nonsufficient funds fees.
20	30
21	31		Existing law, the Banking Law, defines and regulates banks and commits the enforcement of banking laws to the Commissioner of Financial Protection and Innovation. Existing law, the California Credit Union Law, defines and regulates credit unions and commits enforcement of credit union laws to the commissioner. Existing law requires a bank or credit union subject to the examination authority of the commissioner to report annually, on or before March 1, to the commissioner on the amount of revenue earned from overdraft fees and nonsufficient funds fees, as defined, collected in the most recently completed calendar year and the percentage of that revenue as a proportion of the net income of the bank.This bill would prohibit certain banks and credit unions from charging a consumer a nonsufficient funds fee when the consumers attempt to initiate a transaction is declined instantaneously or near instantaneously due to nonsufficient funds, as specified.
22	32
23	33		Existing law, the Banking Law, defines and regulates banks and commits the enforcement of banking laws to the Commissioner of Financial Protection and Innovation. Existing law, the California Credit Union Law, defines and regulates credit unions and commits enforcement of credit union laws to the commissioner. Existing law requires a bank or credit union subject to the examination authority of the commissioner to report annually, on or before March 1, to the commissioner on the amount of revenue earned from overdraft fees and nonsufficient funds fees, as defined, collected in the most recently completed calendar year and the percentage of that revenue as a proportion of the net income of the bank.
24	34
25	35		This bill would prohibit certain banks and credit unions from charging a consumer a nonsufficient funds fee when the consumers attempt to initiate a transaction is declined instantaneously or near instantaneously due to nonsufficient funds, as specified.
26	36
27	37		## Digest Key
28	38
29	39		## Bill Text
30	40
31	41		The people of the State of California do enact as follows:SECTION 1. Chapter 5.5 (commencing with Section 530) is added to Division 1 of the Financial Code, to read: CHAPTER 5.5. Nonsufficient Funds Fees530. A bank or credit union subject to the examination authority of the commissioner shall not charge a consumer a nonsufficient funds fee, as defined in Section 521, when the consumers attempt to initiate a transaction is declined instantaneously or near instantaneously by the bank or credit union due to nonsufficient funds.
32	42
33	43		The people of the State of California do enact as follows:
34	44
35	45		## The people of the State of California do enact as follows:
36	46
37	47		SECTION 1. Chapter 5.5 (commencing with Section 530) is added to Division 1 of the Financial Code, to read: CHAPTER 5.5. Nonsufficient Funds Fees530. A bank or credit union subject to the examination authority of the commissioner shall not charge a consumer a nonsufficient funds fee, as defined in Section 521, when the consumers attempt to initiate a transaction is declined instantaneously or near instantaneously by the bank or credit union due to nonsufficient funds.
38	48
39	49		SECTION 1. Chapter 5.5 (commencing with Section 530) is added to Division 1 of the Financial Code, to read:
40	50
41	51		### SECTION 1.
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43	53		CHAPTER 5.5. Nonsufficient Funds Fees530. A bank or credit union subject to the examination authority of the commissioner shall not charge a consumer a nonsufficient funds fee, as defined in Section 521, when the consumers attempt to initiate a transaction is declined instantaneously or near instantaneously by the bank or credit union due to nonsufficient funds.
44	54
45	55		CHAPTER 5.5. Nonsufficient Funds Fees530. A bank or credit union subject to the examination authority of the commissioner shall not charge a consumer a nonsufficient funds fee, as defined in Section 521, when the consumers attempt to initiate a transaction is declined instantaneously or near instantaneously by the bank or credit union due to nonsufficient funds.
46	56
47	57		CHAPTER 5.5. Nonsufficient Funds Fees
48	58
49	59		CHAPTER 5.5. Nonsufficient Funds Fees
50	60
51	61		530. A bank or credit union subject to the examination authority of the commissioner shall not charge a consumer a nonsufficient funds fee, as defined in Section 521, when the consumers attempt to initiate a transaction is declined instantaneously or near instantaneously by the bank or credit union due to nonsufficient funds.
52	62
53	63
54	64
55	65		530. A bank or credit union subject to the examination authority of the commissioner shall not charge a consumer a nonsufficient funds fee, as defined in Section 521, when the consumers attempt to initiate a transaction is declined instantaneously or near instantaneously by the bank or credit union due to nonsufficient funds.