HB 420 -- Finance Charges for Overdrafts

Sponsor:  Reynolds

This bill gives the Division of Finance the authority to set by
rule the amount depository institutions and persons to whom
instruments are tendered may charge for overdrafts.  The charges
must closely reflect the actual cost of handling such
instruments.

The division will also determine the amount that can be
collected by any institution or person for excess charges. Those
found to be charging more than the amount set by the division
are subject to fines that will be paid to the Director of
Revenue and be deposited in the state treasury to the credit of
the Crime Victims' Compensation fund to be used solely for
victims of domestic abuse.