Honorable Burt R. Solomons, Chair, House Committee on Financial Institutions
FROM:
John S. O'Brien, Director, Legislative Budget Board
IN RE:
HB1555 by Pickett (Relating to the correction of an error regarding the account of a credit card holder.), As Introduced
No significant fiscal implication to the State is anticipated.
The bill provides that if a credit card company determines that an error has been made with respect to fees or interest, the company must credit the cardholder’s account within a specific time frame and send the cardholder written notice of the error and the correction that has been made. A violation of this provision is considered a deceptive trade practice. It is assumed that any additional costs associated with implementation of the bill could be absorbed within current state resources.
The bill would take effect September 1, 2007.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.