Bill Text: CA SB394 | 2009-2010 | Regular Session | Introduced

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Bill Title: Financial institutions: charge disputes.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2010-02-01 - Returned to Secretary of Senate pursuant to Joint Rule 56. [SB394 Detail]

Download: California-2009-SB394-Introduced.html

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BILL NUMBER: SB 394	INTRODUCED
	BILL TEXT


INTRODUCED BY   Senator Wyland

                        FEBRUARY 26, 2009

   An act to add Sections 862 and 15002 to the Financial Code,
relating to financial institutions.


	LEGISLATIVE COUNSEL'S DIGEST


   SB 394, as introduced, Wyland. Financial institutions: charge
disputes.
   Existing law provides for the certification and regulation of
state organized banks and credit unions by the Commissioner of
Financial Institutions. Existing law prohibits a bank from imposing a
charge on a savings account, as defined, or on a depositor for the
failure of a depositor to deposit, or for the late deposit of, any
agreed periodic installment deposit into that account. Existing law
authorizes a credit union to assess charges for failure to meet
punctuality obligations to the credit union.
   This bill would authorize a depositor of a bank, or a member of a
credit union, to dispute, or seek to correct, any charge imposed upon
that person's account that the person claims is fraudulent,
incorrect, or inappropriate at any time within one year after the
charge is imposed.
   Vote: majority. Appropriation: no. Fiscal committee: no.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 862 is added to the Financial Code, to read:
   862.  A depositor may dispute, or seek to correct, any charge
imposed upon the depositor's account that the depositor claims is
fraudulent, incorrect, or inappropriate at any time within one year
after the charge is imposed.
  SEC. 2.  Section 15002 is added to the Financial Code, to read:
   15002.  A member may dispute, or seek to correct, any charge
imposed upon the member's account that the member claims is
fraudulent, incorrect, or inappropriate at any time within one year
after the charge is imposed.