OLR Bill Analysis

sHB 5003

AN ACT REQUIRING NOTICE OF IMPOSITION OF DORMANCY FEES ON INACTIVE DEPOSIT ACCOUNTS

SUMMARY:

This bill requires financial institutions that impose dormancy fees on inactive deposit accounts to mail a notice to account holders within 45 days of determining that an account is inactive and may be subject to a dormancy fee. The notice must state this determination in at least 12 point bold-face type and may be mailed to the depositors' last-known mailing address on record with the institution. The requirement does not apply to deposit accounts for which the institutions send periodic statements.

EFFECTIVE DATE: October 1, 2007

COMMITTEE ACTION

Banks Committee

Joint Favorable Substitute

Yea

18

Nay

0

(03/06/2007)