HB 19-15: Transactions Fairness Act (Passed)

[Esteemed Jimmy]

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,


Passed in the House of Representatives 4-3-0-2

Sponsor: YE
House Designation: HB 19-15

[Esteemed Jimmy]

This needs a sponsor.

[YE]

I'll sponsor.

[Esteemed Jimmy]

I'll sponsor.

Representatives have 24 hours for objections.

[Esteemed Jimmy]

YE is now recognized as the sponsor.

[YE]

From the Senate thread:

Thank you, Mr. Speaker.

This legislation, in essence, is a collection of fair-minded regulations intended to neuter the ability of unaccountable corporate financial entities to rip-off consumers and defraud their customers. These are companies that unjustly collect funds from everyday, working Atlasians through underhanded and sinister practices, as highlighted most clearly through "Dual Tracking", when a bank pretends to follow through with a loan while, at the same time, pushing foreclosure.

It is past time we take the reigns away from these fraudsters and give Lincolnites a small sense of peace of mind. Accessing your own funds should never result in a fee. Closing an account or wishing to receive paper statement should never result in a fee. Our people deserve these common sense liberties when it comes to how they are treated by the banking industry.

Mind you, this is the first stepping stone on the road to a just society, and although the measures taken in this bill shall relieve only a minor burden from the backs of working people, they are absolutely essential. For those present in this Council whom are not beholden to the pleas of billion dollar financial institutions and instead wish to return power to the hands of consumers, I urge your support.

Tl;dr this removed stupid nonsense like fees on everyday practice. Section 2 #4 seems a bit pointless though, because it basically lowers the threshold by $50.

[Dr. MB]

Looks like a great bill. Anyone got anything to say or else I’ll motion for a final vote.

[Esteemed Jimmy]

Looks like a great bill. Anyone got anything to say or else I’ll motion for a final vote.

Representatives have 24 hours for objections.

[Esteemed Jimmy]

A final vote has begun on this bill. Please vote AYE, NAY, or ABSTAIN.

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.

[Dr. MB]

Aye

[YE]

Aye.

[Attorney General, LGC Speaker, and Former PPT Dwarven Dragon]

Aye

[lfromnj]

Nay, There is literally nothing wrong with a bank doing this.

[Coastal Elitist]

Nay

[fhtagn]

Nay

[JGibson]

AYE

[Esteemed Jimmy]

HB 19-15 has passed by a vote of 4-3-0-2.

[Esteemed Jimmy]

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,


Passed in the House of Representatives 4-3-0-2