SENATE BILL: Transactions Fairness Act (At Final Vote)

[Former President tack50]

Whoops, forgot about it and thought someone else was going to do it. Anyways here it goes

Transactions Fairness Act

to protect consumers from common banking and credit abuse

Be it enacted in both Houses of Congress Assembled,

Section I

1. A financial institution, also known as a banking institution, is defined as a corporation, company or other business entity that provides services as an intermediary of financial markets.

2. A consumer is defined as a person or organization that uses an economic service.

Section II

1. No financial institution shall charge a fee for the following services.

   a. Usage of an Automated Teller Machine, or ATM.

   b. Opening an account.

   c. Closing an account.

   d. Not interacting with the account.

   e. Replacing a lost or stolen credit or debit card.

   f. Stop payment on a check.

   g. Issuing paper statements.

   h. Paying an amount owed through cash, credit or debit.

2. No financial institution shall conduct the following practices.

     a. "Reordering Transactions." This is defined as processing of transactions from a consumer's account in an order that may be different from the order in which the transactions were made.

     b. "Dual Tracking." This is defined as the process in which a mortgage lender may request documents and begin processing a loan modification while simultaneously engaging in the foreclosure process.

3. All financial institutions engaging in credit card services must allocate a minimum five day grace period prior to issuing a late fee for balance payments.

4. In the case of an overdraft or overdrawn account, no fee shall be charged to the consumer until the amount exceeds $50 US. Once the $50 US cap is breached, a fee may be charged to the consumer ten business days following a mailed or electronic notice.

5. Owed funds to a financial institution cannot be collected through the garnishing of Social Security payments.

6. Financial institutions cannot sell or foreclose on real estate without signed authorization from the homeowner.

7. All financial institutions must have a customer service phone line printed clearly on its website home page.

8. Utilities may not charge a fee for the processing of credit or debit cards.

Section III

1. The penalty for failure to abide by the any of the above guidelines shall be no less than:

  a. If a Corporation, Limited Liability Company or Partnership with Gross Income under $10 Billion: 20% 500% of the annual Business Gross Income unlawfully charged fees.

  b. If a Corporation, Limited Liability Company or Partnership with Gross Income over $10 Billion: 40% 700% of the annual Business Gross Income unlawfully charged fees.

2. Corporations, Limited Liablility Companies and Partnerships fined under the previous point shall also pay back directly to their clients 120% of the unlawfully charged fees.

Section IV

1. This act takes effect on October 1st, 2019 contingent upon signing by the president.

People's Regional Senate
Pending

[Devout Centrist]

Looks good to me

[Southern Senator North Carolina Yankee]

Tack is that being formerly offered now?

[Former President tack50]

Yes, it is a formally offered amendment.

[Southern Senator North Carolina Yankee]

Transactions Fairness Act

to protect consumers from common banking and credit abuse

Be it enacted in both Houses of Congress Assembled,

Section I

1. A financial institution, also known as a banking institution, is defined as a corporation, company or other business entity that provides services as an intermediary of financial markets.

2. A consumer is defined as a person or organization that uses an economic service.

Section II

1. No financial institution shall charge a fee for the following services.

   a. Usage of an Automated Teller Machine, or ATM.

   b. Opening an account.

   c. Closing an account.

   d. Not interacting with the account.

   e. Replacing a lost or stolen credit or debit card.

   f. Stop payment on a check.

   g. Issuing paper statements.

   h. Paying an amount owed through cash, credit or debit.

2. No financial institution shall conduct the following practices.

     a. "Reordering Transactions." This is defined as processing of transactions from a consumer's account in an order that may be different from the order in which the transactions were made.

     b. "Dual Tracking." This is defined as the process in which a mortgage lender may request documents and begin processing a loan modification while simultaneously engaging in the foreclosure process.

3. All financial institutions engaging in credit card services must allocate a minimum five day grace period prior to issuing a late fee for balance payments.

4. In the case of an overdraft or overdrawn account, no fee shall be charged to the consumer until the amount exceeds $50 US. Once the $50 US cap is breached, a fee may be charged to the consumer ten business days following a mailed or electronic notice.

5. Owed funds to a financial institution cannot be collected through the garnishing of Social Security payments.

6. Financial institutions cannot sell or foreclose on real estate without signed authorization from the homeowner.

7. All financial institutions must have a customer service phone line printed clearly on its website home page.

8. Utilities may not charge a fee for the processing of credit or debit cards.

Section III

1. The penalty for failure to abide by the any of the above guidelines shall be no less than:

  a. If a Corporation, Limited Liability Company or Partnership with Gross Income under $10 Billion: 20% 500% of the annual Business Gross Income unlawfully charged fees.

  b. If a Corporation, Limited Liability Company or Partnership with Gross Income over $10 Billion: 40% 700% of the annual Business Gross Income unlawfully charged fees.

2. Corporations, Limited Liablility Companies and Partnerships fined under the previous point shall also pay back directly to their clients 120% of the unlawfully charged fees.

Section IV

1. This act takes effect on October 1st, 2019 contingent upon signing by the president.

People's Regional Senate
Pending

Sponsor Feedback: None Given
Status: Amendment at Vote, Senators please vote Aye, Nay or Abstain.

[Former President tack50]

Aye

Also I thought the Senate did not use the Lincoln model (where amendments are assumed unfriendly without feedback) but rather a "friendly unless someone says something"?

[ON Progressive]

Aye

[Devout Centrist]

Aye

[Southern Senator North Carolina Yankee]

AYE

[Esteemed Jimmy]

I fully support the changes contained in this amendment, and I hope it will pass.

[Southern Senator North Carolina Yankee]

Vote on Amendment S19:01 by Tack50:

Aye (4): Devout Centrist, NC Yankee, Ontario Progressive, and Tack50
Nay (0):
Abstain (0):

Didn't Vote (1): Comrade Funk

The amendment is thus adopted.

[Devout Centrist]

I motion for a final vote

[Southern Senator North Carolina Yankee]

I motion for a final vote

Senators have 24 hours to object.

[Southern Senator North Carolina Yankee]

A final vote is now open on this legislation, Senators please vote Aye, Nay or Abstain.

[Former President tack50]

Aye

[Southern Senator North Carolina Yankee]

I am actually undecided on this one, which is typically how I end up missing the votes, the few that I do.

This is the point where Duke back in the day when he was a Senator would joke about soliciting bribes to determine his vote.

[Devout Centrist]

Aye

[ON Progressive]

Aye

[Vern]

Aye

[Southern Senator North Carolina Yankee]

AYE


This has votes to pass, Senators have 24 hours to change their votes.

[Comrade Funk]

Aye

[Southern Senator North Carolina Yankee]

Vote on Final Passage of the Transactions Fairness Act:

Aye (6): Comrade Funk, Devout Centrist, NC Yankee, Ontario Progressive, Tack and Vern1988
Nay (0):
Abstain (0):

Didn't Vote (0):

This has passed the Senate and is sent to the VP.

[Southern Senator North Carolina Yankee]

Transactions Fairness Act

to protect consumers from common banking and credit abuse

Be it enacted in both Houses of Congress Assembled,

Section I

1. A financial institution, also known as a banking institution, is defined as a corporation, company or other business entity that provides services as an intermediary of financial markets.

2. A consumer is defined as a person or organization that uses an economic service.

Section II

1. No financial institution shall charge a fee for the following services.

   a. Usage of an Automated Teller Machine, or ATM.

   b. Opening an account.

   c. Closing an account.

   d. Not interacting with the account.

   e. Replacing a lost or stolen credit or debit card.

   f. Stop payment on a check.

   g. Issuing paper statements.

   h. Paying an amount owed through cash, credit or debit.

2. No financial institution shall conduct the following practices.

     a. "Reordering Transactions." This is defined as processing of transactions from a consumer's account in an order that may be different from the order in which the transactions were made.

     b. "Dual Tracking." This is defined as the process in which a mortgage lender may request documents and begin processing a loan modification while simultaneously engaging in the foreclosure process.

3. All financial institutions engaging in credit card services must allocate a minimum five day grace period prior to issuing a late fee for balance payments.

4. In the case of an overdraft or overdrawn account, no fee shall be charged to the consumer until the amount exceeds $50 US. Once the $50 US cap is breached, a fee may be charged to the consumer ten business days following a mailed or electronic notice.

5. Owed funds to a financial institution cannot be collected through the garnishing of Social Security payments.

6. Financial institutions cannot sell or foreclose on real estate without signed authorization from the homeowner.

7. All financial institutions must have a customer service phone line printed clearly on its website home page.

8. Utilities may not charge a fee for the processing of credit or debit cards.

Section III

1. The penalty for failure to abide by the any of the above guidelines shall be no less than:

  a. If a Corporation, Limited Liability Company or Partnership with Gross Income under $10 Billion: 500% of the unlawfully charged fees.

  b. If a Corporation, Limited Liability Company or Partnership with Gross Income over $10 Billion: 700% of the unlawfully charged fees.

2. Corporations, Limited Liablility Companies and Partnerships fined under the previous point shall also pay back directly to their clients 120% of the unlawfully charged fees.

Section IV

1. This act takes effect on October 1st, 2019 contingent upon signing by the president.

People's Regional Senate
Passed 6-0 in the Atlasian Senate Assembled,