Emergency preamble. Whereas, Acts of the Legislature do not become effective until 90 days after adjournment unless enacted as emergencies; and

Whereas, current law regulating banking practices has not kept pace with changes in banking technology; and

Whereas, banks are imposing excessive fees on customers in the wake of changing financial practices; and

Whereas, immediate legislative oversight of certain bank fee practices is important to protect consumers; and

Whereas, in the judgment of the Legislature, these facts create an emergency within the meaning of the Constitution of Maine and require the following legislation as immediately necessary for the preservation of the public peace, health and safety; now, therefore,

Be it enacted by the People of the State of Maine as follows:

Sec. 1. 9-B MRSA §449 is enacted to read:

§449.__Savings account minimum balance fees prohibited

A financial institution may not impose a fee on a customer because the balance in a customer's savings account falls below a minimum amount established by the financial institution.

Emergency clause. In view of the emergency cited in the preamble, this Act takes effect when approved.

SUMMARY

This bill prohibits financial institutions from imposing fees on customers because balances in customers' savings accounts fall below a set minimum amount.