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Can you summarize 15 USC 1693i?
ELECTRONIC FUND TRANSFERS > Issuance of cards or other means of access
Short Summary
This provision, found in the United States Code under the Consumer Credit Protection Act, governs the issuance of cards or other means of access for initiating electronic fund transfers. It prohibits issuing such cards or means of access to consumers unless it is in response to a request or application, or as a renewal or substitution for an accepted card or means of access. However, there are exceptions that allow the distribution of unsolicited cards, codes, or means of access under certain conditions. These conditions include the card or means of access not being validated, being accompanied by a complete disclosure of the consumer’s rights and liabilities, a clear explanation that it is not validated, and validation only occurring upon request and verification of the consumer’s identity.
Whom does it apply to?
Any person issuing cards, codes, or other means of access to a consumer's account for electronic fund transfers
What does it govern?
Issuance of cards or other means of access for initiating electronic fund transfers
What are exemptions?
A person may distribute an unsolicited card, code, or other means of access if it is not validated and is accompanied by complete disclosure of the consumer's rights and liabilities, a clear explanation that it is not validated, and validation is only done upon request and verification of the consumer's identity.
What are the Penalties?
No specific penalties mentioned.
Jurisdiction
U.S. Federal Government