Senate Legislation Introduction Thread (user search)

Welcome, Guest. Please login or register.
Did you miss your activation email?
October 02, 2023, 10:24:08 PM
News: Election Simulator 2.0 Released. Senate/Gubernatorial maps, proportional electoral votes, and more - Read more

  Talk Elections
  Atlas Fantasy Elections
  Atlas Fantasy Government (Moderators: Southern Senator North Carolina Yankee, Lumine)
  Senate Legislation Introduction Thread (search mode)
Pages: [1]
Author Topic: Senate Legislation Introduction Thread  (Read 86086 times)
Atlas Icon
Posts: 17,785

Political Matrix
E: -4.13, S: -1.39


« on: May 22, 2019, 12:33:27 PM »

Introducing this piece of legislation that originated in the Lincoln Council as civilian-sponsored legislation (or standard legislation if a sitting Senator decides to sponsor this); to try and avoid a possible issue of federal preemption. Credit for the bill goes to Pyro, the original sponsor.

Not sure how many signatures are needed for a civilian sponsored legislation but here goes mine

x tack50

Transactions Fairness Act

to protect consumers from common banking and credit abuse

Section I

1. A financial institution, also known as a banking institution, is defined as a corporation, company or other business entity that provides services as an intermediary of financial markets.

2. A consumer is defined as a person or organization that uses an economic service.

Section II

1. No financial institution shall charge a fee for the following services.

   a. Usage of an Automated Teller Machine, or ATM.

   b. Opening an account.

   c. Closing an account.

   d. Not interacting with the account.

   e. Replacing a lost or stolen credit or debit card.

   f. Stop payment on a check.

   g. Issuing paper statements.

   h. Paying an amount owed through cash, credit or debit.

2. No financial institution shall conduct the following practices.

     a. "Reordering Transactions." This is defined as processing of transactions from a consumer's account in an order that may be different from the order in which the transactions were made.

     b. "Dual Tracking." This is defined as the process in which a mortgage lender may request documents and begin processing a loan modification while simultaneously engaging in the foreclosure process.

3. All financial institutions engaging in credit card services must allocate a minimum five day grace period prior to issuing a late fee for balance payments.

4. In the case of an overdraft or overdrawn account, no fee shall be charged to the consumer until the amount exceeds $50 US. Once the $50 US cap is breached, a fee may be charged to the consumer ten business days following a mailed or electronic notice.

5. Owed funds to a financial institution cannot be collected through the garnishing of Social Security payments.

6. Financial institutions cannot sell or foreclose on real estate without signed authorization from the homeowner.

7. All financial institutions must have a customer service phone line printed clearly on its website home page.

8. Utilities may not charge a fee for the processing of credit or debit cards.

Section III

1. The penalty for failure to abide by the any of the above guidelines shall be no less than:

  a. If a Corporation, Limited Liability Company or Partnership with Gross Income under $10 Billion: 20% of the Business Gross Income and Seizure of Assets.

  b. If a Corporation, Limited Liability Company or Partnership with Gross Income over $10 Billion: 40% of the Business Gross Income and Seizure of Assets.

Section IV

1. This act takes effect on October 1st, 2019 contingent upon signing by the president.

I thought this required the entire Council to sign off, also this bill is unconstitutional, and I hope that the Senate kills it
Pages: [1]  
Jump to:  

Login with username, password and session length

Terms of Service - DMCA Agent and Policy - Privacy Policy and Cookies

Powered by SMF 1.1.21 | SMF © 2015, Simple Machines

Page created in 0.022 seconds with 11 queries.