15-U.S.C.-1693E

§1693E – Preauthorized Transfers

Pathway

Title 15 > Chapter 41 > Subchapter VI > Section 1693e

Details

• Reference: Section 1693e
• Legend: §1693E – Preauthorized Transfers
• USCode Year: 2013

Provision Content

(a) A preauthorized electronic fund transfer from a consumers account may be authorized by the consumer only in writing, and a copy of such authorization shall be provided to the consumer when made. A consumer may stop payment of a preauthorized electronic fund transfer by notifying the financial institution orally or in writing at any time up to three business days preceding the scheduled date of such transfer. The financial institution may require written confirmation to be provided to it within fourteen days of an oral notification if, when the oral notification is made, the consumer is advised of such requirement and the address to which such confirmation should be sent.

(b) In the case of preauthorized transfers from a consumers account to the same person which may vary in amount, the financial institution or designated payee shall, prior to each transfer, provide reasonable advance notice to the consumer, in accordance with regulations of the Bureau, of the amount to be transferred and the scheduled date of the transfer.

(Pub. L. 90–321, title IX, §907, as added Pub. L. 95–630, title XX, §2001, Nov. 10, 1978, 92 Stat. 3733; amended Pub. L. 111–203, title X, §1084(1), July 21, 2010, 124 Stat. 2081.)

Amendments

2010—Subsec. (b). Pub. L. 111–203 substituted Bureau for Board.

Effective Date of 2010 Amendment

Amendment by 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 Employees.

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.

Topic Map

• Browse the Topic Map in relation with Title 15 (Commerce And Trade) guided by subject interests.