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

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

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Source file: Laws/federal/codes/united-states-code/title-15/section-1693c-terms-and-conditions-of-transfers--c7d83904d8.md
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Source location: Title 15, Chapter 41, § 1693c; chapter-041-consumer-credit-protection.md

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**(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 title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1693f&num=0&edition=prelim) and the consumer’s rights thereunder. The financial institution shall thereafter transmit such summary at least once per calendar year; (8) the financial institution’s liability to the consumer under [section 1693h of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1693h&num=0&edition=prelim); (9) under what circumstances the financial institution will in the ordinary course of business disclose information concerning the consumer’s account to third persons; and (10) a notice to the consumer that a fee may be imposed by— (A) an automated teller machine operator (as defined in [section 1693b(d)(3)(D)(i) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1693b/d/3/D/i&num=0&edition=prelim)) if the consumer initiates a transfer from an automated teller machine that is not operated by the person issuing the card or other means of access; and (B) any national, regional, or local network utilized to effect the transaction. **(b) Notification of changes to consumer** A financial institution shall notify a consumer in writing at least twenty-one days prior to the effective date of any change in any term or condition of the consumer’s account required to be disclosed under subsection (a) if such change would result in greater cost or liability for such consumer or decreased access to the consumer’s account. A financial institution may, however, implement a change in the terms or conditions of an account without prior notice when such change is immediately necessary to maintain or restore the security of an electronic fund transfer system or a consumer’s account. Subject to subsection (a)(3), the Bureau shall require subsequent notification if such a change is made permanent. **(c) Time for disclosures respecting accounts accessible prior to effective date of this subchapter** For any account of a consumer made accessible to electronic fund transfers prior to the effective date of this subchapter, the information required to be disclosed to the consumer under subsection (a) shall be disclosed not later than the earlier of— (1) the first periodic statement required by [section 1693d(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1693d/c&num=0&edition=prelim) after the effective date of this subchapter; or (2) thirty days after the effective date of this subchapter.

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

15 U.S.C. § 1693 — Congressional findings and declaration of purpose

**(a) Rights and liabilities undefined** The Congress finds that the use of electronic systems to transfer funds provides the potential for substantial benefits to consumers. However, due to the unique characteristics of such systems, the application of existing consumer protection legislation is unclear, leaving the rights and liabilities of consumers, financial institutions, and intermediaries in electronic fund transfers undefined. **(b) Purposes** It is the purpose of this subchapter to provide a basic framework establishing the rights, liabilities, and responsibilities of participants in electronic fund and remittance transfer systems. The primary objective of this subchapter, however, is the provision of individual consumer rights.

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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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15 U.S.C. § 1693d — Documentation of transfers

**(a) Availability of written documentation to consumer; contents** For each electronic fund transfer initiated by a consumer from an electronic terminal, the financial institution holding such consumer’s account shall, directly or indirectly, at the time the transfer is initiated, make available to the consumer written documentation of such transfer. The documentation shall clearly set forth to the extent applicable— (1) the amount involved and date the transfer is initiated; (2) the type of transfer; (3) the identity of the consumer’s account with the financial institution from which or to which funds are transferred; (4) the identity of any third party to whom or from whom funds are transferred; and (5) the location or identification of the electronic terminal involved. **(b) Notice of credit to consumer** For a consumer’s account which is scheduled to be credited by a preauthorized electronic fund transfer from the same payor at least once in each successive sixty-day period, except where the payor provides positive notice of the transfer to the consumer, the financial institution shall elect to provide promptly either positive notice to the consumer when the credit is made as scheduled, or negative notice to the consumer when the credit is not made as scheduled, in accordance with regulations of the Bureau. The means of notice elected shall be disclosed to the consumer in accordance with [section 1693c of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1693c&num=0&edition=prelim). **(c) Periodic statement; contents** A financial institution shall provide each consumer with a periodic statement for each account of such consumer that may be accessed by means of an electronic fund transfer. Except as provided in subsectio

Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1693d

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15 U.S.C. § 1693f — Error resolution

**(a) Notification to financial institution of error** If a financial institution, within sixty days after having transmitted to a consumer documentation pursuant to section 1693d(a), (c), or (d) of this title or notification pursuant to [section 1693d(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1693d/b&num=0&edition=prelim), receives oral or written notice in which the consumer— (1) sets forth or otherwise enables the financial institution to identify the name and account number of the consumer; (2) indicates the consumer’s belief that the documentation, or, in the case of notification pursuant to [section 1693d(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1693d/b&num=0&edition=prelim), the consumer’s account, contains an error and the amount of such error; and (3) sets forth the reasons for the consumer’s belief (where applicable) that an error has occurred, the financial institution shall investigate the alleged error, determine whether an error has occurred, and report or mail the results of such investigation and determination to the consumer within ten business days. The financial institution may require written confirmation to be provided to it within ten business days of an oral notification of error if, when the oral notification is made, the consumer is advised of such requirement and the address to which such confirmation should be sent. A financial institution which requires written confirmation in accordance with the previous sentence need not provisionally recredit a consumer’s account in accordance with subsection (c), nor shall the financial institution be liable under subsection (e) if the written confirmation is not received within the ten-day period r

Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1693f

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15 U.S.C. § 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 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

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15 U.S.C. § 1693b — Regulations

**(a) Prescription by the Bureau and the Board** (1) **In general** — Except as provided in paragraph (2), the Bureau shall prescribe rules to carry out the purposes of this subchapter. (2) **Authority of the Board** — The Board shall have sole authority to prescribe rules— (A) to carry out the purposes of this subchapter with respect to a person described in [section 5519(a) of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5519/a&num=0&edition=prelim); and (B) to carry out the purposes of section 1693o–2 of this title. In prescribing such regulations, the Board shall: (1) 11 So in original. See 2010 Amendment note below. consult with the other agencies referred to in section 1693o 22 See References in Text note below. of this title and take into account, and allow for, the continuing evolution of electronic banking services and the technology utilized in such services, (2) 1 prepare an analysis of economic impact which considers the costs and benefits to financial institutions, consumers, and other users of electronic fund transfers, including the extent to which additional documentation, reports, records, or other paper work would be required, and the effects upon competition in the provision of electronic banking services among large and small financial institutions and the availability of such services to different classes of consumers, particularly low income consumers, (3) 1 to the extent practicable, the Board shall demonstrate that the consumer protections of the proposed regulations outweigh the compliance costs imposed upon consumers and financial institutions, and (4) 1 any proposed regulations and accompanying analyses shall be sent promptly to Congress by the Board. **(b) Issuance of model clauses** The B

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15 U.S.C. § 1693g — Consumer liability

**(a) Unauthorized electronic fund transfers; limit** A consumer shall be liable for any unauthorized electronic fund transfer involving the account of such consumer only if the card or other means of access utilized for such transfer was an accepted card or other meanas 11 So in original. Probably should be “means”. of access and if the issuer of such card, code, or other means of access has provided a means whereby the user of such card, code, or other means of access can be identified as the person authorized to use it, such as by signature, photograph, or fingerprint or by electronic or mechanical confirmation. In no event, however, shall a consumer’s liability for an unauthorized transfer exceed the lesser of— (1) $50; or (2) the amount of money or value of property or services obtained in such unauthorized electronic fund transfer prior to the time the financial institution is notified of, or otherwise becomes aware of, circumstances which lead to the reasonable belief that an unauthorized electronic fund transfer involving the consumer’s account has been or may be effected. Notice under this paragraph is sufficient when such steps have been taken as may be reasonably required in the ordinary course of business to provide the financial institution with the pertinent information, whether or not any particular officer, employee, or agent of the financial institution does in fact receive such information. Notwithstanding the foregoing, reimbursement need not be made to the consumer for losses the financial institution establishes would not have occurred but for the failure of the consumer to report within sixty days of transmittal of the statement (or in extenuating circumstances such as extended travel or hospitalization, within a reasonable time under the circums

Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1693g

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15 U.S.C. § 1693i — Issuance of cards or other means of access

**(a) Prohibition; proper issuance** No person may issue to a consumer any card, code, or other means of access to such consumer’s account for the purpose of initiating an electronic fund transfer other than— (1) in response to a request or application therefor; or (2) as a renewal of, or in substitution for, an accepted card, code, or other means of access, whether issued by the initial issuer or a successor. **(b) Exceptions** Notwithstanding the provisions of subsection (a), a person may distribute to a consumer on an unsolicited basis a card, code, or other means of access for use in initiating an electronic fund transfer from such consumer’s account, if— (1) such card, code, or other means of access is not validated; (2) such distribution is accompanied by a complete disclosure, in accordance with [section 1693c of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1693c&num=0&edition=prelim), of the consumer’s rights and liabilities which will apply if such card, code, or other means of access is validated; (3) such distribution is accompanied by a clear explanation, in accordance with regulations of the Bureau, that such card, code, or other means of access is not validated and how the consumer may dispose of such code, card, or other means of access if validation is not desired; and (4) such card, code, or other means of access is validated only in response to a request or application from the consumer, upon verification of the consumer’s identity. **(c) Validation** For the purpose of subsection (b), a card, code, or other means of access is validated when it may be used to initiate an electronic fund transfer.

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

Page 1648 TITLE 15—COMMERCE AND TRADE § 1693c 1 So in original. Probably should be ‘‘that’’. ‘‘(ii) otherwise superseding the application of any State or local law. ‘‘(D) ELECTRONIC BENEFIT TRANSFER PROGRAM DE- FINED.—For purposes of this paragraph, the term ‘electronic benefit transfer program’— ‘‘(i) means a program under which a government agency distributes needs-tested benefits by estab- lishing accounts to be accessed by recipients elec- tronically, such as through automated teller ma- chines, or point-of-sale terminals; and ‘‘(ii) does not include employment-related pay- ments, including salaries and pension, retirement, or unemployment benefits established by Federal, State, or local governments.’’ Pub. L. 104–193, § 891, designated existing provisions as par. (1), inserted subsec. heading and par. (2), and sub- stituted ‘‘If’’ for ‘‘In the event that’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Amendment by section 1073(a)(2) of Pub. L. 111–203 ef- fective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as an Effective Date note under section 5301 of Title 12, Banks and Banking. Amendment by section 1084(1), (3) of Pub. L. 111–203 effective on the designated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employ- ees. § 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 ac- cordance with regulations of the Bureau. Such disclosures shall be in readily understandable

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