PA 07-2—sHB 5003

Banks Committee

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

SUMMARY: This act requires financial institutions that impose dormancy fees on inactive deposit accounts to notify account holders at least 15 days before the institution can impose the fee. The notice must state, in at least 12 point bold-face type, that the account will become inactive and a dormancy fee may be imposed. It must be mailed to the depositors' last-known mailing address. The requirement does not apply to deposit accounts for which the institution sends periodic statements.

EFFECTIVE DATE: October 1, 2007

OLR Tracking: SC: JLK: PF: RO