Financial Institutions; prohibit fee for periodic paper billing statements

SB 141 would prohibit Alabama financial institutions, including banks, mortgage brokers, mortgage bankers, and credit card processors, from charging customers a fee for paper billing statements. This applies to common accounts like credit cards, bank accounts (if accessible via ATM or debit), and mortgages. The law would take effect on October 1, 2025, requiring these institutions to provide paper statements without extra charges. It directly changes current practice by banning fees for a service that federal law already requires institutions to offer for certain accounts.