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Can you summarize 15 USC Chapter 41, Subchapter VI?
CONSUMER CREDIT PROTECTION > ELECTRONIC FUND TRANSFERS
Short Summary
The legal document content reviewed pertains to the subchapter on electronic fund transfers under the Consumer Credit Protection Act. It establishes the framework for electronic fund and remittance transfer systems, with a focus on individual consumer rights. The document provides definitions for key terms used in electronic fund transfers and includes exemptions for certain types of transactions. It requires the disclosure of various information at the time of contracting for electronic fund transfer services, including consumer liability for unauthorized transfers, contact information for reporting unauthorized transfers, types and nature of transfers, charges for transfers, right to stop payment of preauthorized transfers, right to receive documentation of transfers, summary of error resolution provisions, financial institution’s liability to the consumer, circumstances of disclosing account information to third parties, and notice of potential fees imposed by automated teller machine operators and networks. The document also specifies the time for disclosures regarding accounts accessible prior to the effective date of this subchapter. It governs the documentation requirements for electronic fund transfers initiated by consumers from electronic terminals, including the provision of written documentation at the time of initiation and requirements for notice and periodic statements. The document also addresses the authorization and advance notice requirements for preauthorized electronic fund transfers. It establishes the error resolution process for electronic fund transfers, requiring financial institutions to investigate alleged errors and report the results to consumers within specified timeframes. The document also governs the liability of consumers for unauthorized electronic fund transfers, limiting their liability to $50 or the amount obtained prior to notification of the financial institution. It establishes the liability of financial institutions for failure to make electronic fund transfers in accordance with account terms and conditions, with exceptions for certain circumstances. The document also addresses the issuance of cards or other means of access for electronic fund transfers, prohibiting unsolicited issuance and requiring clear disclosure of consumer rights and liabilities. It includes provisions for the suspension of obligations in the event of system malfunctions, the prohibition of compulsory use of electronic fund transfers for credit repayment or employment conditions, and the waiver of rights. The document also covers general-use prepaid cards, gift certificates, and store gift cards, prohibiting certain fees and expiration dates. It establishes civil liability for non-compliance with the provisions of this subchapter and criminal liability for specific actions related to electronic fund transfers. The document also addresses administrative enforcement, State law relation, and reporting requirements. The Bureau of Consumer Financial Protection is granted regulatory authority and enforcement powers under this subchapter.
Whom does it apply to?
The document applies to consumers, financial institutions, and other entities involved in electronic fund transfers.
What does it govern?
The legal document content covers the subchapter on electronic fund transfers under the Consumer Credit Protection Act. It establishes the rights, liabilities, and responsibilities of participants in electronic fund and remittance transfer systems, with a primary focus on individual consumer rights.
What are exemptions?
The document includes exemptions for certain types of transactions, such as check guarantee or authorization services, transfers made by financial institutions on behalf of consumers, transactions involving securities or commodities, automatic transfers from savings to demand deposit accounts, and transfers initiated by telephone conversations.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
U.S. Federal Government