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News May 23, 2013 - 10:53:03 AM

Sen. Leone: Senate Votes to Create New Class of Refundable Prepaid Bank Cards

By State Senator Carlo Leone's office

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HARTFORD, CT - State Senator Carlo Leone (D-Stamford), Chairman of the Banks Committee, led unanimous passage in the Senate Wednesday afternoon of legislation that would create a new class of “linked” prepaid bank cards which automatically refund any remaining balance to the purchaser upon expiration.

“This bill creates a new class of refundable prepaid cards which Connecticut banks could offer to consumers. This innovative idea was brought forth by a constituent in Darien, and it should prove to be a great convenience for many people. This is the free market working at its best, generating an innovative new idea to offer consumers more choice,” said Senator Leone.

Senate Bill 912 creates a new class of general-use prepaid cards which, upon expiration, automatically refund any remaining balance to the purchaser’s bank account.

When buying such a card, the purchaser may specify the account to be “linked” to the card, as well as the expiration date on which any remaining funds will be transferred. The specified expiration date may not be sooner than 90 days or later than five years after the date of purchase.

The legislation now proceeds to the House of Representatives, where it awaits further action.

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