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ATM Bill Introduced in Senate

Posted on 5/18/2012

Sen. Mike Johanns (R-NE), Sen. Bob Corker (R-TN), Sen. Jon Tester (D-MT), and Sen. Mark Warner (D-VA) yesterday introduced ABA-supported legislation (S. 3204) to protect banks from frivolous lawsuits by repealing the outdated requirement that a placard must be attached to ATMs stating that a fee may be charged.

It is companion legislation to the bill (H.R. 4367) by House Financial Services Committee Members Blaine Luetkemeyer (R-MO) and David Scott (D-GA). The House bill now has a total of 50 cosponsors.

Current regulations permit class-action suits to recover up to $500,000 plus attorneys' fees and costs if placards are not displayed, even though the placards are duplicative because the fees also are displayed on ATM monitors. As a result, placards have been purposely removed in order to initiate lawsuits.

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