15 U.S.C. § 1693l — Waiver of rights

Page 1653 TITLE 15—COMMERCE AND TRADE § 1693l–1 1 So in original. Probably should be ‘‘General-use’’. may be used to initiate an electronic fund trans- fer. (Pub. L. 90–321, title IX, § 911, as added Pub. L. 95–630, title XX, § 2001, Nov. 10, 1978, 92 Stat. 3736; amended Pub. L. 111–203, title X, § 1084(1), July 21, 2010, 124 Stat. 2081.) Editorial Notes AMENDMENTS 2010—Subsec. (b)(3). Pub. L. 111–203 substituted ‘‘Bu- reau’’ for ‘‘Board’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111–203 effective on the des- ignated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees. § 1693j. Suspension of obligations If a system malfunction prevents the effec- tuation of an electronic fund transfer initiated by a consumer to another person, and such other person has agreed to accept payment by such means, the consumer’s obligation to the other person shall be suspended until the malfunction is corrected and the electronic fund transfer may be completed, unless such other person has subsequently, by written request, demanded payment by means other than an electronic fund transfer. (Pub. L. 90–321, title IX, § 912, as added Pub. L. 95–630, title XX, § 2001, Nov. 10, 1978, 92 Stat. 3737.) § 1693k. Compulsory use of electronic fund trans- fers No person may— (1) condition the extension of credit to a consumer on such consumer’s repayment by means of preauthorized electronic fund trans- fers; or (2) require a consumer to establish an ac- count for receipt of electronic fund transfers with a particular financial institution as a condition of employment or receipt of a gov- ernment benefit. (Pub. L. 90–321, title IX, § 913, as added Pub. L. 95–630, title XX, § 2001, Nov. 10, 1978, 92 Stat. 3737.) § 1693l. Waiver of rights No writing or other agreement between a con- sumer and any other person may contain any provision which constitutes a waiver of any right conferred or cause of action created by this subchapter. Nothing in this section pro- hibits, however, any writing or other agreement which grants to a consumer a more extensive right or remedy or greater protection than con- tained in this subchapter or a waiver given in settlement of a dispute or action. (Pub. L. 90–321, title IX, § 914, as added Pub. L. 95–630, title XX, § 2001, Nov. 10, 1978, 92 Stat. 3737.) § 1693l–1. General-use prepaid cards, gift certifi- cates, and store gift cards (a) Definitions In this section, the following definitions shall apply: (1) Dormancy fee; inactivity charge or fee The terms ‘‘dormancy fee’’ and ‘‘inactivity charge or fee’’ mean a fee, charge, or penalty for non-use or inactivity of a gift certificate, store gift card, or general-use prepaid card. (2) General use 1 prepaid card, gift certificate, and store gift card (A) General-use prepaid card The term ‘‘general-use prepaid card’’ means a card or other payment code or de- vice issued by any person that is— (i) redeemable at multiple, unaffiliated merchants or service providers, or auto- mated teller machines; (ii) issued in a requested amount, wheth- er or not that amount may, at the option of the issuer, be increased in value or re- loaded if requested by the holder; (iii) purchased or loaded on a prepaid basis; and (iv) honored, upon presentation, by mer- chants for goods or services, or at auto- mated teller machines. (B) Gift certificate The term ‘‘gift certificate’’ means an elec- tronic promise that is— (i) redeemable at a single merchant or an affiliated group of merchants that share the same name, mark, or logo; (ii) issued in a specified amount that may not be increased or reloaded; (iii) purchased on a prepaid basis in ex- change for payment; and (iv) honored upon presentation by such single merchant or affiliated group of mer- chants for goods or services. (C) Store gift card The term ‘‘store gift card’’ means an elec- tronic promise, plastic card, or other pay- ment code or device that is— (i) redeemable at a single merchant or an affiliated group of merchants that share the same name, mark, or logo; (ii) issued in a specified amount, whether or not that amount may be increased in value or reloaded at the request of the holder; (iii) purchased on a prepaid basis in ex- change for payment; and (iv) honored upon presentation by such single merchant or affiliated group of mer- chants for goods or services. (D) Exclusions The terms ‘‘general-use prepaid card’’, ‘‘gift certificate’’, and ‘‘store gift card’’ do not include an electronic promise, plastic card, or payment code or device that is— (i) used solely for telephone services; (ii) reloadable and not marketed or la- beled as a gift card or gift certificate;