15-U.S.C.-1693
§1693 – Congressional Findings and Declaration of Purpose
Pathway
Title 15 > Chapter 41 > Subchapter VI > Section 1693
Details
- Reference: Section 1693
- Legend: §1693 – Congressional Findings and Declaration of Purpose
- USCode Year: 2013
Provision Content
(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.
(Pub. L. 90–321, title IX, §902, as added Pub. L. 95–630, title XX, §2001, Nov. 10, 1978, 92 Stat. 3728; amended Pub. L. 111–203, title X, §1073(a)(1), July 21, 2010, 124 Stat. 2060.)
Amendments
2010—Subsec. (b). Pub. L. 111–203 inserted and remittance after electronic fund.
Effective Date of 2010 Amendment
Amendment by Pub. L. 111–203 effective 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.
Effective Date
Pub. L. 90–321, title IX, §923, formerly §921, as added by Pub. L. 95–630, title XX, §2001, Nov. 10, 1978, 92 Stat. 3741, renumbered §922, Pub. L. 111–24, title IV, §401(1), May 22, 2009, 123 Stat. 1751; renumbered §923, Pub. L. 111–203, title X, §1073(a)(3), July 21, 2010, 124 Stat. 2060, provided that: This title [enacting this subchapter] takes effect upon the expiration of eighteen months from the date of its enactment [Nov. 10, 1978], except that sections 909 and 911 [sections 1693g, 1693i of this title] take effect upon the expiration of ninety days after the date of enactment.
[Pub. L. 111–203, §1073(a)(3), which directed renumbering of section 922 of Pub. L. 90–321 as section 923 effective 1 day after July 21, 2010, was executed after the renumbering of section 921 of Pub. L. 90–321 as section 922 by Pub. L. 111–24, §401(1), effective 15 months after May 22, 2009, to reflect the probable intent of Congress.]
Short Title
This subchapter known as the Electronic Fund Transfer Act, see Short Title note set out under section 1601 of this title.
U.S. Encyclopedia of Law Coverage
15-U.S.C.-1692B in the Legal Encyclopedia: Trade Law
In this entry about 15-U.S.C.-1692B, find legal reference material, bibliographies and premiere content related to trade law in the American Encyclopedia of Law, presenting a comprehensive view of the United States trade law-specific issues, written by authorities in the field.
Subchapter VI – Electronic Fund Transfers in the Legal Encyclopedia: Consumer Credit Protection
In this entry about Subchapter VI – Electronic Fund Transfers, find legal reference material, bibliographies and premiere content related to consumer credit protection in the American Encyclopedia of Law, presenting a comprehensive view of the United States consumer credit protection-specific issues, written by authorities in the field.
Leave a Reply