California Financial Code

§ 521

FIN § 521 Effective Jan 1, 2023Div. 1 · Ch. 5 · Art. 2

Statute text

(a)A bank or credit union subject to the examination authority of the commissioner shall report annually, on or before March 1, to the commissioner on the amount of revenue earned from overdraft fees and nonsufficient funds fees collected in the most recently completed calendar year and the percentage of that revenue as a proportion of the net income of the bank or credit union.

(b)(1) The commissioner shall publish, pursuant to paragraph (2), in a report the data for each bank or credit union required by subdivision (a) and make the report available on the department’s internet website.

(2)(A) The commissioner shall publish the first report required by this subdivision on or before March 31, 2023, covering data from the 2022 calendar year.

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Legislative history

Added by Stats. 2022, Ch. 847, Sec. 1. (SB 1415) Effective January 1, 2023.