Removing Barriers Blog

Notable State Action- Week of January 8, 2016
Posted January 11, 2016 by CUNA Advocacy

New Jersey is poised to become the 16th state to permit credit unions and other financial institutions to conduct prize linked savings or promotional savings programs. On Thursday, January 7, legislation authorizing the programs, S 2495, was sent to Governor Chris Christie for signature.

In Tennessee, S 1476, that would cap the maximum period of time that towing and storage companies can charge the vehicle's owner or lienholder a storage fee at 14 days. Under current law, towing and storage companies can charge owners and lienholders for up to 60 days of storage.

A Kentucky patent infringement bill, H 190, was introduced this week. The measure defines the criteria for a bad faith claim of patent infringement and authorizes the Attorney General to bring civil actions against companies or individuals making bad faith claims. While the Florida legislature doesn’t convene until Tuesday, January 12, a similar patent infringement bill, S 1298, was prefiled.

Late last week four bills were introduced in New York that would offer new protections for credit union members and customers of other financial institutions. If enacted the protections would:

  • Permit consumers to opt in to a program that limits ATM withdrawals to one hundred dollars per day (S 6215)
  • Require credit unions and other financial institutions to have business hours until seven p.m. one weeknight each week; and have at least five operating business hours each Saturday (S 6218)
  • Require credit unions and other financial institutions to install automatic police notification software on their ATMs (S 6238)
  • Establish a financial exploitation, outreach, education and training fund (S 6243)