PRINTER'S NO. 2609
No. 2085 Session of 1991
INTRODUCED BY DURHAM, ULIANA AND MARSICO, OCTOBER 22, 1991
REFERRED TO COMMITTEE ON BUSINESS AND COMMERCE, OCTOBER 22, 1991
AN ACT
1 Prohibiting funds transfers by electronic systems in certain
2 cases.
3 The General Assembly of the Commonwealth of Pennsylvania
4 hereby enacts as follows:
5 Section 1. Limitation on electronic transfers of funds.
6 It shall be unlawful for any institution subject to the
7 provisions of the act of November 30, 1965 (P.L.847, No.356),
8 known as the Banking Code of 1965, or the act of December 14,
9 1967 (P.L.746, No.345), known as the Savings Association Code of
10 1967, to make an electronic transfer of funds from the account
11 of any depositor unless the depositor has given written
12 authorization to the institution to make the electronic
13 transfer.
14 Section 2. Legal effect.
15 Any electronic transfer of funds which is completed in
16 violation of section 1 is void. Upon request, the depositor
17 whose account was debited shall receive a credit for any and all
18 funds transferred in violation of section 1 together with any
1 transfer fees or other charges assessed.
2 Section 3. Penalty.
3 Any person who violates the provisions of section 1 shall
4 have committed an unfair or deceptive act or practice and shall
5 be subject to the provisions of the act of December 17, 1968
6 (P.L.1224, No.387), known as the Unfair Trade Practices and
7 Consumer Protection Law.
8 Section 4. Effective date.
9 This act shall take effect in 60 days.
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