An Act relative to customer reimbursement in instances of financial fraud
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| Committee | Recommendation | Vote |
|---|---|---|
| J11 | Accompanied | — |
Chapter 167 of the General Laws is hereby amended by adding the following section:-
In the event of a finding by a bank of fraudulent charges on a customer’s account, the bank shall reimburse the customer any money lost by the customer as a result of the fraudulent charges within 30 days. The failure of a bank to reimburse a customer for fraudulent charges shall be an unfair practice under section 2D.
Chapter 167 of the General Laws is hereby amended by adding the following section:- Section 52. In the event of a finding by a bank of fraudulent charges on a customer’s account, the bank shall reimburse the customer any money lost by the customer as a result of the fraudulent charges within 30 days. The failure of a bank to reimburse a customer for fraudulent charges shall be an unfair practice under section 2D.