| 1 | A bill to be entitled |
| 2 | An act relating to debit cards; creating s. 655.0325, |
| 3 | F.S.; providing definitions; prohibiting certain |
| 4 | financial institutions from charging specified fees |
| 5 | for the use or holding of a debit card by a consumer; |
| 6 | providing administrative penalties; providing an |
| 7 | effective date. |
| 8 |
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| 9 | Be It Enacted by the Legislature of the State of Florida: |
| 10 |
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| 11 | Section 1. Section 655.0325, Florida Statutes, is created |
| 12 | to 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 |
| 16 | other asset account established primarily for personal, family, |
| 17 | or household purposes, but does not include an account held by a |
| 18 | financial 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 |
| 21 | access to a consumer's account for the purpose of initiating an |
| 22 | electronic fund transfer when the person to whom such card or |
| 23 | other means of access was issued has requested and received or |
| 24 | has signed or has used, or authorized another to use, such card |
| 25 | or other means of access for the purpose of transferring money |
| 26 | between accounts or obtaining money, property, labor, or |
| 27 | services. |
| 28 | (d) "Electronic fund transfer" means any point of sale |
| 29 | transfer of funds that allows a consumer to obtain, purchase, or |
| 30 | receive goods, services, money, or anything else of value from a |
| 31 | merchant other than a transaction originated by check, draft, or |
| 32 | similar paper instrument, which is initiated through an |
| 33 | electronic terminal, telephonic instrument, computer, or |
| 34 | magnetic tape so as to order, instruct, or authorize a financial |
| 35 | institution to debit or credit an account. |
| 36 | (e) "Merchant" means a person who receives from a consumer |
| 37 | a debit card or information from a debit card, as the instrument |
| 38 | for obtaining, purchasing, or receiving goods, services, money, |
| 39 | or anything else of value from a consumer. |
| 40 | (f) "Service fee" means a periodic fee, charge, or penalty |
| 41 | for holding or use of a debit card. |
| 42 | (2)(a) It is unlawful for any financial institution, |
| 43 | including any federal financial institution or state financial |
| 44 | institution, as those terms are defined in s. 655.005(1)(g), |
| 45 | (h), and (p), to charge or impose a dormancy fee, an inactivity |
| 46 | fee or charge, or a service fee with respect to the use or |
| 47 | holding of a debit card by a consumer. |
| 48 | (b) A violation of paragraph (a) is subject to the |
| 49 | administrative fines and penalties provided in s. 655.041. |
| 50 | Section 2. This act shall take effect July 1, 2012. |