HB 375

A bill to be entitled
2An act relating to debit cards; creating s. 655.0325,
3F.S.; providing definitions; prohibiting certain
4financial institutions from charging specified fees
5for the use or holding of a debit card by a consumer;
6providing administrative penalties; providing an
7effective date.
9Be It Enacted by the Legislature of the State of Florida:
11     Section 1.  Section 655.0325, Florida Statutes, is created
12to read:
13     655.0325  Debit cards; fee prohibition.-
14     (1)  As used in this section, the term:
15     (a)  "Account" means a demand deposit, savings deposit, or
16other asset account established primarily for personal, family,
17or household purposes, but does not include an account held by a
18financial institution pursuant to a bona fide trust agreement.
19     (b)  "Consumer" means a natural person.
20     (c)  "Debit card" means a card, code, or other means of
21access to a consumer's account for the purpose of initiating an
22electronic fund transfer when the person to whom such card or
23other means of access was issued has requested and received or
24has signed or has used, or authorized another to use, such card
25or other means of access for the purpose of transferring money
26between accounts or obtaining money, property, labor, or
28     (d)  "Electronic fund transfer" means any point of sale
29transfer of funds that allows a consumer to obtain, purchase, or
30receive goods, services, money, or anything else of value from a
31merchant other than a transaction originated by check, draft, or
32similar paper instrument, which is initiated through an
33electronic terminal, telephonic instrument, computer, or
34magnetic tape so as to order, instruct, or authorize a financial
35institution to debit or credit an account.
36     (e)  "Merchant" means a person who receives from a consumer
37a debit card or information from a debit card, as the instrument
38for obtaining, purchasing, or receiving goods, services, money,
39or anything else of value from a consumer.
40     (f)  "Service fee" means a periodic fee, charge, or penalty
41for holding or use of a debit card.
42     (2)(a)  It is unlawful for any financial institution,
43including any federal financial institution or state financial
44institution, as those terms are defined in s. 655.005(1)(g),
45(h), and (p), to charge or impose a dormancy fee, an inactivity
46fee or charge, or a service fee with respect to the use or
47holding of a debit card by a consumer.
48     (b)  A violation of paragraph (a) is subject to the
49administrative fines and penalties provided in s. 655.041.
50     Section 2.  This act shall take effect July 1, 2012.

CODING: Words stricken are deletions; words underlined are additions.