Maine LD142 prohibits financial institutions from charging more than one fee for insufficient funds on the same withdrawal transaction.
Maine LD142 directs the Bureau of Financial Institutions to issue guidance prohibiting financial institutions and credit unions from charging more than one fee for insufficient funds associated with the same withdrawal transaction, regardless of the number of attempts made. This law aims to protect consumers from excessive fees related to insufficient funds on a single withdrawal transaction.
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- Impact
- Legal Framework
- Critical Issues
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