PRINTER'S NO. 1189
THE GENERAL ASSEMBLY OF PENNSYLVANIA
SENATE BILL
No.
960
Session of
2015
INTRODUCED BY DINNIMAN, TARTAGLIONE, FONTANA, BREWSTER,
VULAKOVICH, COSTA AND HUTCHINSON, JULY 23, 2015
REFERRED TO BANKING AND INSURANCE, JULY 23, 2015
AN ACT
Providing for customer account notification.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Short title.
This act shall be known and may be cited as the Customer
Account Notification Act.
Section 2. Definitions.
The following words and phrases when used in this act shall
have the meanings given to them in this section unless the
context clearly indicates otherwise:
"Customer." Any of the following:
(1) Any of the following with a deposit in the
respective financial institution:
(i) A member of a credit union.
(ii) A customer of a bank, a private bank, a bank
and trust company or a savings bank.
(2) A purchaser of a traveler's check, money order or
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similar monetary obligation or commitment.
"Deposit." Any demand, savings or matured time deposit
account in a financial institution.
"Financial institution." A bank, a private bank, a bank and
trust company, a savings bank, a credit union or any issuer of
traveler's checks, money orders or similar monetary obligations
or commitments whether organized or operated under Federal or
State law.
"Sum payable." Any sum payable on traveler's checks, money
orders and similar monetary obligations or commitments on which
a financial institution is liable.
Section 3. Notification.
(a) Notice.--A financial institution holding or owing a
deposit or sum payable shall provide the customer with
notification in accordance with subsection (b).
(b) Requirements.--A financial institution shall give notice
to each customer that describes the following:
(1) The time period for the presumption that a deposit
or a sum payable is abandoned and unclaimed under Article
XIII.1 of the act of April 9, 1929 (P.L.343, No.176), known
as The Fiscal Code.
(2) The types of activity regarding the deposit or the
sum payable that will prevent the application of the
abandoned and unclaimed property presumption.
(c) Timing.--The notice in subsection (b) shall be provided
to the customer as follows:
(1) No later than five days after the date of the
establishment of a deposit or the purchase of a traveler's
check, money order or similar monetary obligation or
commitment.
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(2) With the notification provided to a customer for the
renewal of a deposit.
Section 4. Effective date.
This act shall take effect in 90 days.
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