Connecticut Seal

General Assembly

 

Committee Bill No. 5003

January Session, 2007

 

LCO No. 4506

 

*04506HB05003BA_*

Referred to Committee on Banks

 

Introduced by:

 

(BA )

 

AN ACT ELIMINATING FEES OR CHARGES CONCERNING DORMANT BANK ACCOUNTS.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. Section 3-65c of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2007):

A holder of property subject to this part, or of a gift certificate, as defined in section 3-56a, may not impose on the property a dormancy charge or fee, abandoned property charge or fee, unclaimed property charge or fee, escheat charge or fee, inactivity charge or fee, or any similar charge, fee or penalty for inactivity with respect to the property. Neither the property nor an agreement with respect to the property may contain language suggesting that the property may be subject to such a charge, fee or penalty for inactivity. The provisions of this section shall not apply to property subject to subdivision [(1), (2),] (3) or (5) of subsection (a) of section 3-57a, provided a holder of any such property may not impose an escheat charge or fee with respect to such property.

This act shall take effect as follows and shall amend the following sections:

Section 1

October 1, 2007

3-65c

Statement of Purpose:

To prohibit the imposition of fees or charges with respect to dormant bank accounts.

[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]

Co-Sponsors:

REP. SERRA, 33rd Dist.

H.B. 5003