On February 18, the League provided testimony in opposition to LD 300, An Act Regarding Early Closures by Financial Institutions, at a hearing before the Joint Standing Committee on Health Coverage, Insurance and Financial Services. The bill forbids a financial institution from assessing a late charge or other fee for not occurring on a day that the financial institution is closed due to an emergency or weather-related closure.
“LD 300 is incompatible with the global 21st century economy we live in,” stated Robert Caverly, League Vice President of Governmental Affairs during his testimony.
The Committee voted unanimously to support an “Ought Not To Pass” recommendation to the Legislature. This action will kill the bill’s chances of becoming law.