GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1995

S	2 

SENATE BILL 876
Judiciary II/Election Laws Committee Substitute Adopted 6/22/95

Short Title:  LRC Study/Bad Check Fees to Schools.	(Public)

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Sponsors:

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Referred to: Appropriations

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May 1, 1995

A BILL TO BE ENTITLED
AN ACT AUTHORIZING THE LEGISLATIVE RESEARCH COMMISSION TO STUDY THE MAXIMUM FEES THAT MAY BE CHARGED BY FINANCIAL INSTITUTIONS AND MERCHANTS FOR RETURNED CHECKS, AND TO STUDY WHETHER A PORTION OF THOSE FEES SHOULD BE USED FOR PUBLIC SCHOOL BUILDING CAPITAL COSTS.
The General Assembly of North Carolina enacts:
Section 1.  The Legislative Research Commission is authorized to study the amount a financial institution may charge and collect as a processing fee for each check or negotiable order of withdrawal draft drawn on that bank with respect to an account with insufficient funds.  The Commission may study the feasibility of a distribution of the net proceeds of the fee to the counties on a per capita basis, and whether counties may use such proceeds for public school capital outlay purposes or to retire any indebtedness incurred by the county for those purposes.
Sec. 2.  The Commission may make an interim report, including any legislative proposals, to the 1995 General Assembly, Regular Session 1996, and a final report, including any legislative proposals, to the 1997 General Assembly.
Sec. 3.  This act is effective upon ratification.