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Committee clarifies NSF-fee language to include returned electronic payments
Summary
The committee discussed an amendment to treat returned electronic fund transfers the same as returned checks for the statutory $28 insufficient-funds fee, and confirmed the DMV’s current practice of posting suspension notices to a 'my DMV' account while also sending mailed notices and giving payers 30 days from the mailed notice to cure.
During proceedings on S.326, the committee reviewed an amendment (section 7) that would expand the definition of insufficient funds to cover returned electronic fund transfers as well as returned checks.
Deputy Commissioner Matt Russo told lawmakers the change is intended to reflect modern payment methods and clarified there would be no…
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