Sec. 36a-320. (Formerly Sec. 36-27f). Changes in deposit account charges. Notice.
Sec. 36a-320. (Formerly Sec. 36-27f). Changes in deposit account charges. Notice. (a) A financial institution may delete or decrease any existing deposit account
charges without notice. No financial institution shall impose any new deposit account
charge or increase any existing deposit account charge unless the financial institution:
(1) At least thirty days prior to such imposition or increase, posts a notice reciting such
new or increased charge adjacent to, or incorporates such notice in, the current deposit
account charges posted in each office at which deposits are accepted; and (2) delivers
a notice reciting such new or increased charge to each depositor who has a deposit
account which will be affected by such new or increased charge and for which such
financial institution normally renders a periodic statement of account, which notice of
new or increased charge shall be delivered (A) at least thirty days prior to such new or
increased charge if any such periodic statement is normally rendered monthly or more
frequently, or (B) no later than delivery of the next subsequent periodic statement after
such new or increased charge if any such periodic statement is normally rendered less
frequently than monthly.
(b) The prohibition in subsection (a) of this section does not apply to increases in
check printing charges if the financial institution has previously disclosed to the consumer a range of prices, that check printing charges may vary or that prices upon reorder
may be higher than the price initially disclosed.
(P.A. 79-433, S. 6, 11; P.A. 81-261, S. 5; P.A. 93-168, S. 5, 8; P.A. 94-14, S. 1, 2.)
History: P.A. 79-433 effective July 1, 1980; P.A. 81-261 rephrased certain parts of the section and established time
periods for the delivery of a notice reciting new or increased charges depending upon the frequency with which the periodic
statement is rendered to the depositor; P.A. 93-168 added Subsec. (b) re exception to the prohibition required under Subsec.
(a) concerning increases in check printing charges, effective June 23, 1993, except that compliance by financial institutions
shall be optional prior to the mandatory compliance date of the regulations applicable to the financial institution promulgated
pursuant to the Federal Truth in Savings Act, Subtitle F of Title II of the Federal Deposit Insurance Corporation Improvement
Act of 1991, Public Law 102-242, as from time to time amended, or January 1, 1994, whichever is sooner; P.A. 94-14
changed the January 1, 1994, compliance date to July 1, 1995, effective April 25, 1994; Sec. 36-27f transferred to Sec.
36a-320 in 1995.