An Act to require financial institutions to pay late fees when it fails to conduct an electronic transfer

This bill requires banks and credit unions to reimburse customers when they fail to process automatic payments, causing customers to pay late fees to other companies (like utility providers or lenders). If a financial institution misses a payment due to its own error, it must pay the late fee and any associated interest within 5 days of discovering the mistake or being notified by the customer. Financial institutions that intentionally ignore this rule could owe the customer triple the amount of the late fee. The law applies specifically to preauthorized transfers, not other types of transactions.