AB 183 — Financial institutions: preauthorized electronic fund transfers.
Last action — From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.
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✓Introduced
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2In Committee
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3Passed Assembly
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4Passed Senate
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5To Executive
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6Enacted
This bill died with 2015-2016 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.
Summary
Existing federal and state laws regulate certain aspects of electronic fund transfers, including, but not limited to, preauthorized electronic fund transfers from or to a consumer's checking account. Existing law requires the Department of Business Oversight to regulate various financial institutions operating within the state, including, but not limited to, banks and credit unions. This bill would require a financial institution subject to oversight by the Department of Business Oversight to ensure it complies with a specific federal regulation with regard to electronic fund transfers. This bill would require a financial institution to provide a specified written notice to a consumer, who approved a preauthorized electronic fund transfer to a merchant from the consumer's account, and would further require a merchant located in the state that accepts preauthorized electronic fund transfers to post the same notice on its Internet Web site, if any. This bill would require a financial institution, upon written notification from a consumer who terminated a preauthorized electronic fund transfer with a merchant, within 7 business days, to take action to ensure that the merchant no longer has the ability to withdraw funds from the consumer's account, based upon the consumer's instructions. This bill would prohibit a merchant from requiring payment for goods or services in the form of a preauthorized electronic fund transfer from a consumer's account at a financial institution, and would require a merchant to notify a financial institution, and cease making demands on a consumer's account, when the consumer's debt, payable by a preauthorized electronic fund transfer, has been satisfied.
Bill Text
- Amended 03/16/15 - Amended Assembly Current pdf March 16, 2015
- Introduced 01/26/15 - Introduced pdf January 26, 2015
- AB183 View text html
Action History
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From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.
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Died pursuant to Article IV, Sec. 10(c) of the Constitution.
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In committee: Set, first hearing. Hearing canceled at the request of author.
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In committee: Set, first hearing. Hearing canceled at the request of author.
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Re-referred to Com. on B. & F.
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From committee chair, with author's amendments: Amend, and re-refer to Com. on B. & F. Read second time and amended.
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Referred to Com. on B. & F.
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From printer. May be heard in committee February 26.
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Read first time. To print.
Sponsors
- Waldron · Primary
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 0 co-sponsors · 121 not signed on
Sponsors (1)
- Waldron
Co-sponsors (0)
None.
Not signed on (121)
121 members have not signed on to this bill.
Show all 121 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Subjects
Frequently asked questions
- What does AB 183 do?
- Existing federal and state laws regulate certain aspects of electronic fund transfers, including, but not limited to, preauthorized electronic fund transfers from or to a consumer's checking account. Existing law requires the Department of Business Oversight to regulate various financial institutions operating within the state, including, but not limited to, banks and credit unions. This bill would require a financial institution subject to oversight by the Department of Business Oversight to ensure it complies with a specific federal regulation with regard to electronic fund transfers. This bill would require a financial institution to provide a specified written notice to a consumer, who approved a preauthorized electronic fund transfer to a merchant from the consumer's account, and would further require a merchant located in the state that accepts preauthorized electronic fund transfers to post the same notice on its Internet Web site, if any. This bill would require a financial institution, upon written notification from a consumer who terminated a preauthorized electronic fund transfer with a merchant, within 7 business days, to take action to ensure that the merchant no longer has the ability to withdraw funds from the consumer's account, based upon the consumer's instructions. This bill would prohibit a merchant from requiring payment for goods or services in the form of a preauthorized electronic fund transfer from a consumer's account at a financial institution, and would require a merchant to notify a financial institution, and cease making demands on a consumer's account, when the consumer's debt, payable by a preauthorized electronic fund transfer, has been satisfied.
- Who sponsors AB 183?
- AB 183 is sponsored by Waldron.
- What is the current status of AB 183?
- This bill died with 2015-2016 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
- Where can I track AB 183?
- Track AB 183 free on One Click Politics — get push/email alerts when it moves.
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