Massachusetts H1111 requires financial institutions to pay late fees when they fail to conduct electronic transfers.

Massachusetts H1111 amends Chapter 167B of the General Laws to mandate that financial institutions compensate consumers for fines, penalties, or late charges incurred due to the institution's failure to execute a preauthorized transfer. The institution must pay these fees within five days of discovering the error or when the consumer reports it. If the institution knowingly fails to comply, the consumer is entitled to triple damages. This bill aims to protect consumers from financial penalties caused by the institution's errors.

Massachusetts H1111 requires financial institutions to pay late fees when they fail to conduct electronic transfers.

Massachusetts H1111 amends Chapter 167B of the General Laws to mandate that financial institutions compensate consumers for fines, penalties, or late charges incurred due to the institution's failure to execute a preauthorized transfer. The institution must pay these fees within five days of discovering the error or when the consumer reports it. If the institution knowingly fails to comply, the consumer is entitled to triple damages. This bill aims to protect consumers from financial penalties caused by the institution's errors.