California Financial Code

§ 530

FIN § 530 Effective Jan 1, 2025Div. 1 · Ch. 5.5

Statute text

A bank or credit union subject to the examination authority of the commissioner shall not charge a consumer a nonsufficient funds fee, as defined in Section 521, when the consumer’s attempt to initiate a transaction is declined instantaneously or near instantaneously by the bank or credit union due to nonsufficient funds.

Legislative history

Added by Stats. 2024, Ch. 509, Sec. 1. (AB 2017) Effective January 1, 2025.