An Act relative to customer reimbursement in instances of financial fraud
Take action
Record your position on this measure.
Create an account to record your position, submit testimony, or contact your legislator.
Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill aims to establish a process for customers to be reimbursed for losses resulting from financial fraud. It seeks to clarify the responsibilities of financial institutions in preventing and addressing fraud, and to ensure that victims receive compensation for their losses. The bill outlines requirements for financial institutions to investigate and resolve fraud claims, and to provide customers with timely updates on the status of their claims. It intends to strengthen consumer protections against financial fraud.
Key provisions
- Requires financial institutions to investigate fraud claims promptly.
- Establishes a framework for determining liability in cases of financial fraud.
- Mandates financial institutions to notify customers of potential fraud.
- Specifies procedures for customers to file fraud claims.
- Outlines a timeline for financial institutions to resolve fraud claims.
- Requires financial institutions to maintain records of fraud investigations and resolutions.
- Addresses the reimbursement of customers who have been victims of financial fraud.
Who is affected
- Consumers
- Financial Institutions
- Banking Industry
- Fraud Victims
Bill text
Read the latest version inline or switch to a previous version.
Text extraction is in progress. View the official source.
Sponsors
Official sponsors from legislative records.
2 on record
Primary sponsor
Cosponsor
Arguments
Reasons offered for and against this legislation.
Arguments in favor
No arguments in favor have been submitted.
Submit yoursArguments opposed
No arguments opposed have been submitted.
Submit yours