H1294 amends the Massachusetts electronic fund transfer law governing written documentation for consumer transactions initiated at electronic branches or point-of-sale terminals. The bill keeps the existing receipt requirements for ATM and similar electronic transfers—such as the amount, date, type of transfer, account information, identifying codes, third-party identity, terminal location, and a transfer identification number—but adds a new consumer-protection disclosure requirement.
Under the bill, the financial institution must also provide a list of contact information for a consumer who may be experiencing financial abuse. That list must include the consumer’s financial institution, a nonprofit that offers financial management advice and support, the National Domestic Violence Hotline, the Massachusetts Behavioral Health Help Line, the Attorney General’s office, and 911 for immediate danger. The bill also requires certain disclosures to be written in readily understandable language or capable of being explained in such language.
Impact
The bill would amend Section 9 of chapter 167B of the General Laws, which regulates disclosures for electronic fund transfers, including ATM and point-of-sale transactions. Its practical effect is to expand mandatory receipt or transaction documentation content by adding safety and support resources aimed at consumers who may be subject to financial abuse, while preserving the existing audit-trail and transaction-identification requirements for financial institutions.
Sentiment
The available record shows no committee transcript, recorded votes, or formal opposition, so there is no documented debate to gauge broad sentiment. The bill’s title and added consumer-support disclosures suggest a generally protective, consumer-focused purpose, and it appears to be framed as a financial safety measure rather than a controversial regulatory change.
Contention
No specific points of contention are documented in the provided materials. Potential areas of discussion, if the bill were considered further, could include the administrative burden on banks and ATM operators, the scope of the required hotline and agency information, and whether the disclosure is best delivered on receipts, screens, or other transaction documentation. The bill’s emphasis on financial abuse and domestic violence resources suggests support from consumer advocates and advocates for vulnerable adults, survivors, and people experiencing coercive control.
Modifies collective Statewide transfer agreement and reverse transfer agreement; establishes New Jersey Transfer Ombudsperson within Office of Secretary of Higher Education.
Modifies collective statewide transfer agreement and reverse transfer agreement; establishes New Jersey Transfer Ombudsperson within Office of Secretary of Higher Education.