AN ACT ESTABLISHING A WORKING GROUP TO EVALUATE PAYROLL PROCESSING METHODS EMPLOYED BY FINANCIAL INSTITUTIONS.

Summary

The bill orders the chairpersons of the General Assembly’s banking committee to form a working group that will examine how financial institutions handle payroll checks and how long those checks take to clear. The group will include committee leaders, the Banking Commissioner, and one representative each from a bank and a credit union, and must submit a report by Jan. 1, 2027. Its findings will be sent to the banking committee for further consideration.

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