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An Act To Protect Consumers from Bank Overdraft Fees by Prohibiting the Resequencing of Withdrawal Transactions
Be it enacted by the People of the State of Maine as follows:
Sec. 1.  9-B MRSA §241, sub-§16  is enacted to read:
 
16.  Prohibition on posting withdrawal transactions in manner that incurs avoidable overdraft coverage fees.     With respect to a transaction account, a financial institution authorized to do business in this State or a credit union authorized to do business in this State may not post withdrawal transactions by amount from largest to smallest or otherwise post withdrawal transactions in such a manner that the consumer incurs avoidable overdraft coverage fees.
 
SUMMARY
This bill prohibits a bank or credit union from posting withdrawal transactions by amount from largest to smallest or otherwise posting withdrawals in a manner that incurs avoidable overdraft coverage fees.