SB141 Alabama 2025 Session

Summary

Primary Sponsor

Tom Butler Senator

Republican

Session

2025 Regular Session

Title

Financial Institutions; prohibit fee for periodic paper billing statements

Description

Federal Consumer Laws require financial institutions to provide paper statements for some financial products, including credit card accounts, bank accounts if accessible by ATM, debit card or other electronic transactions, and mortgage accounts.

Financial institutions are not currently prohibited from charging customers a fee to receive paper billing statements, however, a state can pass its own law banning these fees.

This bill would prohibit financial institutions, mortgage brokers, mortgage bankers, and credit card processors from charging customers a fee for paper billing statements.

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Subjects

Businesses & Financial Institutions