חוק התוכנית הכלכלית (תיקוני חקיקה ליישום המדיניות הכלכלית לשנות התקציב 2023 ו-2024) (תיקון), התשפ"ד-2024Law on the Economic Program (legislative amendments for implementation of economic policy for budget years 2023 and 2024) (Amendment), 2024 · automatic translation · suggest a correction

Official summary of the law (Knesset)

Under the Economic Efficiency Law (Legislative Amendments for Achieving the Budget Targets for the 2023 and 2024 Budget Years), 2023, several amendments were made to the Banking Law (Customer Service), 1981, dealing with increasing transparency for bank customers. One such amendment was to Section 5A of the Banking Law, which provides that at the beginning of each calendar month, banks shall send all their customers, by a means enabling immediate and accessible communication as far as possible, a notice detailing the total amounts of fees and interest charged by the bank to the customer in the month preceding the date the notice was sent. It was further determined that the amendment would take effect, with regard to fees, on 1 January 2024, and with regard to interest, as well as fees and interest charged for housing loans, on 2 June 2024. In light of the Swords of Iron War that broke out on 7 October 2023, a special situation on the home front was declared, applying to the entire territory of the state, and extensive reserve mobilization began. Many workers across all sectors of the economy, including the banking system, were mobilized, and most resources were directed to treating casualties and urgent cases. The new reality affected the banks' preparations for implementing the provisions of the amendment on the set date. The law is intended to allow banks an extension to prepare for sending notices to their customers. Accordingly, the law postpones by two months, until 1 March 2024, the effective date of the provision requiring a banking corporation to send its customers, at the beginning of each calendar month, a notice regarding fees as described. The law also applies retroactively from 1 January 2024, which was the original effective date of said provision.

automatic translation · suggest a correction