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TITLE 15 - CHAPTER 41 - SUBCHAPTER VI
Electronic Fund Transfer Act
Summary:
Part of this act includes: Sets consumer liability limits to $50 for unauthorized transfers involving a device/card if the financial institution is notified within 2 business days from the date the consumer realizes their card is lost or missing. The consumer liability is limited to $500, if the financial institution is notified more than 2 days after the card has been lost. The consumer liability is unlimited if the financial institution was not notified within 60 days after the consumer's receipt of a periodic statement.
Consumer is liable for billing errors if they fail to notify the financial institution within 60 days of receiving the statement with the error.
The financial institution has 45 calender days to resolve an error from the date the error was reported. In the event the error cannot be resolved within 10 business days, the account must be provisionally credited until the investigation is complete.
Lenders/creditors are prohibited from requiring electronic fund transfers to repay a loan as a condition to receive credit.
Consumers have the right to issue a stop payment for pre-authorized transfers.
Subsection:
1693 Congressional findings and declaration of purpose
1693c Terms and conditions of transfers
1693d Documentation of transfers
1693h Liability of financial institutions
1693i Issuance of cards or other means of access
1693j Suspension of obligations
1693k Compulsory use of electronic fund transfers