New Sen. Donna Bailey law strengthens consumer protections for customers at banks and credit unions
AUGUSTA — On Wednesday, September 24, a new law from Sen. Donna Bailey, D-Saco, took effect. LD 580, “An Act to Protect Maine Consumers by Prohibiting Fees Charged for Receiving Paper Statements from Financial Institutions and Credit Card Issuers,” will protect Mainers — especially older adults and retirees — from fees that banks and credit unions charge for paper statements. Earlier this year, the Legislature gave strong, bipartisan support to the bill.
“I am grateful for the constituent who gave me the idea for this bill,” said Sen. Bailey. “It is a clear example of how the people we represent can bring a problem to our attention, and then we work on a solution. This basic, commonsense protection will help Mainers put a little more money in their pockets at a time when some costs are going up.”
So far, New York and Pennsylvania are the only states to have broadly banned these fees. Massachusetts has a similar law, but only for those under 18 and over 65. LD 580 makes Maine the third state to ban these fees for everyone, regardless of age. The law is modeled on the legislation from New York that prohibits financial institutions and credit card companies from charging customers for receiving paper statements.
In his testimony submitted to the public hearing for the bill, John Brautigam of Legal Services for Maine Elders wrote, “For many consumers, particularly older adults and those in rural areas, paper statements are not a luxury, but a necessity.”
The average cost for producing paper statements is approximately $0.75, while the fees charged are often $1.99 or higher. LD 580 does not prohibit incentives for bank and credit card customers to switch to paperless statements. Instead, it prohibits additional fees for customers choosing to receive paper statements in the mail.
Gov. Janet Mills signed LD 580 into law on April 22, 2025. As non-emergency legislation, the law went into effect on September 24, 2025, 90 days after the First Special Session of the 132nd Legislature adjourned.
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