H.
B.
4306
(By Delegate Louisos)
[Introduced February 1, 1994; referred to the
Committee on Banking and Insurance.]
A BILL to amend article four, chapter thirty-one-a of the code of West Virginia, one thousand nine hundred thirty-one, as amended, by adding thereto a new section, designated section thirteen-a, relating to banking institutions and services generally and returned check charges.
Be it enacted by the Legislature of West Virginia:
That article four, chapter thirty-one-a of the code of West Virginia, one thousand nine hundred thirty-one, as amended, be amended by adding thereto a new section, designated section thirteen-a, to read as follows:
ARTICLE 4. BANKING INSTITUTIONS AND SERVICES GENERALLY.
§
31A-4-13a. Returned check charges.
A state chartered banking institution may not assess a returned check charge or similar charge against a depositor for costs of processing a check received by that depositor and returned for nonsufficient funds by the institution upon which it was drawn.
NOTE: The purpose of this bill is to prohibit banks from assessing charges against businesses that take worthless checks.
Section thirteen-a, article four, chapter thirty-one-a is new; therefore, strike-throughs and underscoring have been omitted.