PDF Wire Transfer Authorization and Agreement - DFCU Financial The term gift certificate means an electronic promise that is. The disclosures, protections, responsibilities, and remedies established under this subchapter, and any regulation prescribed or order issued by the Bureau in accordance with this subchapter, shall not apply to any electronic benefit transfer system established under State or local law or administered by a State or local government. This subchapter does not extend the applicability of any such law to any class of persons or transactions to which it would not otherwise apply. USC - Remittance transfers - GovRegs The term network fee means any fee charged and received by a payment card network with respect to an electronic debit transaction, other than an interchange transaction fee. Statutes & Constitution :View Statutes : Online Sunshine On a finding by the court that an unsuccessful action under this section was brought in bad faith or for purposes of harassment, the court shall award to the defendant attorneys fees reasonable in relation to the work expended and costs. prescribe regulations to carry out this section, in addition to any other rules or regulations required by this subchapter, including such additional requirements as appropriate relating to the amount of dormancy fees, inactivity charges or fees, or service fees that may be assessed and the amount of remaining value of a gift certificate, store gift card, or general-use prepaid card below which such charges or fees may be assessed; and, Individual or class action for damages; amount of award. If electronic fund transfer services are made available to consumers by a person other than a financial institution holding a consumers account, the Bureau shall by regulation assure that the disclosures, protections, responsibilities, and remedies created by this subchapter are made applicable to such persons and services. (2) This chapter applies to a funds transfer that is a remittance transfer, as defined in 15 U.S.C. Source: 76 FR 81023, Dec. 27, 2011, . For purposes of this section, the following definitions shall apply: means any card, or other payment code or device, issued or approved for use through a payment card network to debit an asset account (regardless of the purpose for which the account is established), whether authorization is based on signature, PIN, or other means; includes a general-use prepaid card, as that term is defined in section 1693, means a reduction made from the price that customers are informed is the regular price; and. ). L. 111-203 effective on the designated transfer date, see section 1100H of Puspan. The Bureau shall by regulation exempt from the requirements of this subchapter any class of electronic fund transfers within any State if the Bureau determines that under the law of that State that class of electronic fund transfers is subject to requirements substantially similar to those imposed by this subchapter, and that there is adequate provision for enforcement. Searchable text of the 15 USC 1693 - Remittance transfers (US Code), including Notes, Amendments, and Table of Authorities . 1693o-1. Compliance with the requirements imposed under this section shall be enforced under section 1693o of this title. 15 USC 1693o-1 - Remittance transfers LawServer the term unauthorized electronic fund transfer means an electronic fund transfer from a consumers account initiated by a person other than the consumer without actual authority to initiate such transfer and from which the consumer receives no benefit, but the term does not include any electronic fund transfer (A) initiated by a person other than the consumer who was furnished with the card, code, or other means of access to such consumers account by such consumer, unless the consumer has notified the financial institution involved that transfers by such other person are no longer authorized, (B) initiated with fraudulent intent by the consumer or any person acting in concert with the consumer, or (C) which constitutes an error committed by a financial institution. there could be confusion as to whether the Remittance Rule applies when a consumer in the United States sends a cash transfer to be picked up by a recipient at a financial institution (not into the recipient's account) on a U.S. military base in a foreign country. (2) the term "remittance transfer" (A) means the electronic (as defined in section 106 (2) of the Electronic Signatures in Global and National Commerce Act ( 15 U.S.C. 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. 15 U.S. Code 1693o-1 - Remittance transfers | U.S. Code | US Law The Congress finds that the use of electronic systems to transfer funds provides the potential for substantial benefits to consumers. Congressional findings and declaration of purpose, 1693c. In the case of a consumers passbook account which may not be accessed by electronic fund transfers other than preauthorized electronic fund transfers crediting the account, a financial institution may, in lieu of complying with the requirements of subsection (c), upon presentation of the passbook provide the consumer in writing with the amount and date of each such transfer involving the account since the passbook was last presented. or a United States Federal statute or regulation prohibits the insured institution from being able to determine the exact covered third-party fees required to be disclosed under 1005.31(b)(1)(vi) for that remittance transfer; . Remittance transfers (a) Disclosures required for remittance transfers (1) In general Each remittance transfer provider shall make disclosures as required under this sec- . 15-U.S.C.-1693O-1 - US Code | US Encyclopedia of law 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. linked to funds, monetary value, or assets which are purchased or loaded on a prepaid basis; not issued or approved for use to access or debit any account held by or for the benefit of the card holder (other than a subaccount or other method of recording or tracking funds purchased or loaded on the card on a prepaid basis); used to transfer or debit funds, monetary value, or other assets; and. This paragraph shall apply only to a remittance transfer provider who is an insured depository institution, as defined in, a remittance transfer is conducted through a demand deposit, savings deposit, or other asset account that the sender holds with such remittance transfer provider; and. The term service fee means a periodic fee, charge, or penalty for holding or use of a gift certificate, store gift card, or general-use prepaid card. 1693o-1 - U.S. Code Title 15. Commerce and Trade - FindLaw consult, as appropriate, with the Comptroller of the Currency, the Board of Directors of the Federal Deposit Insurance Corporation, the Director of the Office of Thrift Supervision, the National Credit Union Administration Board, the Administrator of the Small Business Administration, and the Director of the Bureau of Consumer Financial Protection. The term payment card network means an entity that directly, or through licensed members, processors, or agents, provides the proprietary services, infrastructure, and software that route information and data to conduct debit card or credit card transaction authorization, clearance, and settlement, and that a person uses in order to accept as a form of payment a brand of debit card, credit card or other device that may be used to carry out debit or credit transactions. Exemption for government-administered payment programs and reloadable prepaid cards, This subsection shall not apply to an interchange transaction fee charged or received with respect to an electronic debit transaction in which a person uses, a debit card or general-use prepaid card that has been provided to a person pursuant to a Federal, State or local government-administered payment program, in which the person may only use the debit card or general-use prepaid card to transfer or debit funds, monetary value, or other assets that have been provided pursuant to such program; or, a plastic card, payment code, or device that is. The statement, which may include information regarding transactions other than electronic fund transfers, shall clearly set forth, 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. ( 1) General definition. In the case of a consumers account, other than a passbook account, which may not be accessed by electronic fund transfers other than preauthorized electronic fund transfers crediting the account, the financial institution may provide a periodic statement on a quarterly basis which otherwise complies with the requirements of subsection (c). Nothing in this section prohibits, however, any writing or other agreement which grants to a consumer a more extensive right or remedy or greater protection than contained in this subchapter or a waiver given in settlement of a dispute or action. the terms of expiration are clearly and conspicuously stated. otherwise fails to comply with any provision of this subchapter; Violations affecting interstate or foreign commerce, knowingly, in a transaction affecting interstate or foreign commerce, uses or attempts or conspires to use any counterfeit, fictitious, altered, forged, lost, stolen, or fraudulently obtained debit instrument to obtain money, goods, services, or anything else of value which within any one-year period has a value aggregating $1,000 or more; or, with unlawful or fraudulent intent, transports or attempts or conspires to transport in interstate or foreign commerce a counterfeit, fictitious, altered, forged, lost, stolen, or fraudulently obtained debit instrument knowing the same to be counterfeit, fictitious, altered, forged, lost, stolen, or fraudulently obtained; or, with unlawful or fraudulent intent, uses any instrumentality of interstate or foreign commerce to sell or transport a counterfeit, fictitious, altered, forged, lost, stolen, or fraudulently obtained debit instrument knowing the same to be counterfeit, fictitious, altered, forged, lost, stolen, or fraudulently obtained; or, knowingly receives, conceals, uses, or transports money, goods, services, or anything else of value (except tickets for interstate or foreign transportation) which (A) within any one-year period has a value aggregating $1,000 or more, (B) has moved in or is part of, or which constitutes interstate or foreign commerce, and (C) has been obtained with a counterfeit, fictitious, altered, forged, lost, stolen, or fraudulently obtained debit instrument; or, knowingly receives, conceals, uses, sells, or transports in interstate or foreign commerce one or more tickets for interstate or foreign transportation, which (A) within any one-year period have a value aggregating $500 or more, and (B) have been purchased or obtained with one or more counterfeit, fictitious, altered, forged, lost, stolen, or fraudulently obtained debit instrument; or, in a transaction affecting interstate or foreign commerce, furnishes money, property, services, or anything else of value, which within any one-year period has a value aggregating $1,000 or more, through the use of any counterfeit, fictitious, altered, forged, lost, stolen, or fraudulently obtained debit instrument knowing the same to be counterfeit, fictitious, altered, forged, lost, stolen, or fraudulently obtained, Subject to subtitle B of the Consumer Financial Protection Act of 2010 [, section 8 of the Federal Deposit Insurance Act [. 1693o-1 - Remittance transfers Contains section 1693o-1 Date 2011 Laws In Effect As Of Date January 3, 2012 an unauthorized electronic fund transfer; an incorrect electronic fund transfer from or to the consumers account; the omission from a periodic statement of an electronic fund transfer affecting the consumers account which should have been included; a computational error by the financial institution; the consumers receipt of an incorrect amount of money from an electronic terminal; a consumers request for additional information or clarification concerning an electronic fund transfer or any documentation required by this subchapter; or. does not include employment-related payments, including salaries and pension, retirement, or unemployment benefits established by a Federal, State, or local government agency. A person has no liability under this section for any failure to comply with any requirement under this subchapter if, prior to the institution of an action under this section, the person notifies the consumer concerned of the failure, complies with the requirements of this subchapter, and makes an appropriate adjustment to the consumers account and pays actual damages or, where applicable, damages in accordance with section 1693h of this title. Justia US Law US Codes and Statutes New Jersey Revised Statutes 2013 New Jersey Revised Statutes Title 12A . Unauthorized electronic fund transfers; limit. Reasonable fees and rules for payment card transactions, Reasonable interchange transaction fees for electronic debit transactions, Regulatory authority over interchange transaction fees, In prescribing regulations under paragraph (3)(A), the Board shall, consider the functional similarity between. Except as provided in section 1693h of this title, a person may not be held liable in any action brought under this section for a violation of this subchapter if the person shows by a preponderance of evidence that the violation was not intentional and resulted from a bona fide error notwithstanding the maintenance of procedures reasonably adapted to avoid any such error. Subpart B is also issued under 12 U.S.C. to discriminate between credit cards within a payment card network on the basis of the issuer that issued the credit card. Such term includes, but is not limited to, point-of-sale terminals, automated teller machines, and cash dispensing machines; the term financial institution means a State or National bank, a State or Federal savings and loan association, a mutual savings bank, a State or Federal credit union, or any other person who, directly or indirectly, holds an account belonging to a consumer; the term preauthorized electronic fund transfer means an electronic fund transfer authorized in advance to recur at substantially regular intervals; the term State means any State, territory, or possession of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or any political subdivision of any of the foregoing; and. The Bureau shall by regulation modify the requirements imposed by this subchapter on small financial institutions if the Bureau determines that such modifications are necessary to alleviate any undue compliance burden on small financial institutions and such modifications are consistent with the purpose and objective of this subchapter. the term sender means a consumer who requests a remittance provider to send a remittance transfer for the consumer to a designated recipient. (b) This division shall apply to a funds transfer that is a remittance transfer as defined in Section 1693o-1 of Title 15 of the United States Code, as amended from time to time, unless the remittance transfer is an electronic fund transfer as defined in Section 1693a of Title 15 of the United States Code, as amended from time to time. During the pendency of the investigation, the consumer shall have full use of the funds provisionally recredited. the Bureau in making determinations regarding the meaning or interpretation of any provision of this subchapter for which the Bureau has authority to prescribe regulations; or, the Board in making determinations regarding the meaning or interpretation of section 1693, The terms and conditions of electronic fund transfers involving a consumers account shall be disclosed at the time the consumer contracts for an electronic fund transfer service, in accordance with regulations of the Bureau. 15 USC 1693o-1 - Remittance transfers Current as of: 2023 | Check for updates | Other versions (a) Disclosures required for remittance transfers (1) In general Each remittance transfer provider shall make disclosures as required under this section and in accordance with rules prescribed by the Bureau.