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15 U.S.C. § 1693h — Liability of financial institutions

Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1693h — Liability of financial institutions

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Stable record: federal_law:legal_authorities:record_usc_aaca78c6a5f986e05b898c66
Source file: Laws/federal/codes/united-states-code/title-15/section-1693h-liability-of-financial-institutions--3201a3cf98.md
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Source location: Title 15, Chapter 41, § 1693h; chapter-041-consumer-credit-protection.md

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**(a) Action or failure to act proximately causing damages** Subject to subsections (b) and (c), a financial institution shall be liable to a consumer for all damages proximately caused by— (1) the financial institution’s failure to make an electronic fund transfer, in accordance with the terms and conditions of an account, in the correct amount or in a timely manner when properly instructed to do so by the consumer, except where— (A) the consumer’s account has insufficient funds; (B) the funds are subject to legal process or other encumbrance restricting such transfer; (C) such transfer would exceed an established credit limit; (D) an electronic terminal has insufficient cash to complete the transaction; or (E) as otherwise provided in regulations of the Bureau; (2) the financial institution’s failure to make an electronic fund transfer due to insufficient funds when the financal 11 So in original. Probably should be “financial”. institution failed to credit, in accordance with the terms and conditions of an account, a deposit of funds to the consumer’s account which would have provided sufficient funds to make the transfer, and (3) the financial institution’s failure to stop payment of a preauthorized transfer from a consumer’s account when instructed to do so in accordance with the terms and conditions of the account. **(b) Acts of God and technical malfunctions** A financial institution shall not be liable under subsection (a)(1) or (2) if the financial institution shows by a preponderance of the evidence that its action or failure to act resulted from— (1) an act of God or other circumstance beyond its control, that it exercised reasonable care to prevent such an occurrence, and that it exercised such diligence as the circumstances required; or (2) a technical malfunction which was known to the consumer at the time he attempted to initiate an electronic fund transfer or, in the case of a preauthorized transfer, at the time such transfer should have occurred. **(c) Intent** In the case of a failure described in subsection (a) which was not intentional and which resulted from a bona fide error, notwithstanding the maintenance of procedures reasonably adapted to avoid any such error, the financial institution shall be liable for actual damages proved. **(d) Exception for damaged notices** If the notice required to be posted pursuant to [section 1693b(d)(3)(B)(i) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1693b/d/3/B/i&num=0&edition=prelim) by an automated teller machine operator has been posted by such operator in compliance with such section and the notice is subsequently removed, damaged, or altered by any person other than the operator of the automated teller machine, the operator shall have no liability under this section for failure to comply with [section 1693b(d)(3)(B)(i) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1693b/d/3/B/i&num=0&edition=prelim).

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Federal law — U.S. Code and appendices · legal_authorities

5 U.S.C. § 552a — Records maintained on individuals

**(a) Definitions.—** For purposes of this section— (1) the term “agency” means agency as defined in section 552(e) 11 See References in Text note below. of this title; (2) the term “individual” means a citizen of the United States or an alien lawfully admitted for permanent residence; (3) the term “maintain” includes maintain, collect, use, or disseminate; (4) the term “record” means any item, collection, or grouping of information about an individual that is maintained by an agency, including, but not limited to, his education, financial transactions, medical history, and criminal or employment history and that contains his name, or the identifying number, symbol, or other identifying particular assigned to the individual, such as a finger or voice print or a photograph; (5) the term “system of records” means a group of any records under the control of any agency from which information is retrieved by the name of the individual or by some identifying number, symbol, or other identifying particular assigned to the individual; (6) the term “statistical record” means a record in a system of records maintained for statistical research or reporting purposes only and not used in whole or in part in making any determination about an identifiable individual, except as provided by [section 8 of title 13](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title13-section8&num=0&edition=prelim); (7) the term “routine use” means, with respect to the disclosure of a record, the use of such record for a purpose which is compatible with the purpose for which it was collected; (8) the term “matching program”— (A) means any computerized comparison of— (i) two or more automated systems of records or a system of records with non-Federal records for the purpose

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1693c — Terms and conditions of transfers

**(a) Disclosures; time; form; contents** The terms and conditions of electronic fund transfers involving a consumer’s account shall be disclosed at the time the consumer contracts for an electronic fund transfer service, in accordance with regulations of the Bureau. Such disclosures shall be in readily understandable language and shall include, to the extent applicable— (1) the consumer’s liability for unauthorized electronic fund transfers and, at the financial institution’s option, notice of the advisability of prompt reporting of any loss, theft, or unauthorized use of a card, code, or other means of access; (2) the telephone number and address of the person or office to be notified in the event the consumer believes than 11 So in original. Probably should be “that”. an unauthorized electronic fund transfer has been or may be effected; (3) the type and nature of electronic fund transfers which the consumer may initiate, including any limitations on the frequency or dollar amount of such transfers, except that the details of such limitations need not be disclosed if their confidentiality is necessary to maintain the security of an electronic fund transfer system, as determined by the Bureau; (4) any charges for electronic fund transfers or for the right to make such transfers; (5) the consumer’s right to stop payment of a preauthorized electronic fund transfer and the procedure to initiate such a stop payment order; (6) the consumer’s right to receive documentation of electronic fund transfers under [section 1693d of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1693d&num=0&edition=prelim); (7) a summary, in a form prescribed by regulations of the Bureau, of the error resolution provisions of [section 1693f of this tit

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1693m — Civil liability

**(a) Individual or class action for damages; amount of award** Except as otherwise provided by this section and [section 1693h of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1693h&num=0&edition=prelim), any person who fails to comply with any provision of this subchapter with respect to any consumer, except for an error resolved in accordance with [section 1693f of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1693f&num=0&edition=prelim), is liable to such consumer in an amount equal to the sum of— (1) any actual damage sustained by such consumer as a result of such failure; (2) (A) in the case of an individual action, an amount not less than $100 nor greater than $1,000; or (B) in the case of a class action, such amount as the court may allow, except that (i) as to each member of the class no minimum recovery shall be applicable, and (ii) the total recovery under this subparagraph in any class action or series of class actions arising out of the same failure to comply by the same person shall not be more than the lesser of $500,000 or 1 per centum of the net worth of the defendant; and (3) in the case of any successful action to enforce the foregoing liability, the costs of the action, together with a reasonable attorney’s fee as determined by the court. **(b) Factors determining amount of award** In determining the amount of liability in any action under subsection (a), the court shall consider, among other relevant factors— (1) in any individual action under subsection (a)(2)(A), the frequency and persistence of noncompliance, the nature of such noncompliance, and the extent to which the noncompliance was intentional; or (2) in any class action under subsection (a)(2)(B

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1693h — Liability of financial institutions

Page 1652 TITLE 15—COMMERCE AND TRADE § 1693h 1 So in original. Probably should be ‘‘financial’’. Editorial Notes REFERENCES IN TEXT Section 1602(e) of this title, referred to in subsec. (c), was redesignated section 1602(f) of this title by Pub. L. 111–203, title X, § 1100A(1)(A), July 21, 2010, 124 Stat. 2107. § 1693h. Liability of financial institutions (a) Action or failure to act proximately causing damages Subject to subsections (b) and (c), a financial institution shall be liable to a consumer for all damages proximately caused by— (1) the financial institution’s failure to make an electronic fund transfer, in accord- ance with the terms and conditions of an ac- count, in the correct amount or in a timely manner when properly instructed to do so by the consumer, except where— (A) the consumer’s account has insuffi- cient funds; (B) the funds are subject to legal process or other encumbrance restricting such trans- fer; (C) such transfer would exceed an estab- lished credit limit; (D) an electronic terminal has insufficient cash to complete the transaction; or (E) as otherwise provided in regulations of the Bureau; (2) the financial institution’s failure to make an electronic fund transfer due to insuf- ficient funds when the financal 1 institution failed to credit, in accordance with the terms and conditions of an account, a deposit of funds to the consumer’s account which would have provided sufficient funds to make the transfer, and (3) the financial institution’s failure to stop payment of a preauthorized transfer from a consumer’s account when instructed to do so in accordance with the terms and conditions of the account. (b) Acts of God and technical malfunctions A financial institution shall not be liable under subsection

Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 1693h

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