§ 1693. — Congressional findings and declaration of purpose.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC1693]
TITLE 15--COMMERCE AND TRADE
CHAPTER 41--CONSUMER CREDIT PROTECTION
SUBCHAPTER VI--ELECTRONIC FUND TRANSFERS
Sec. 1693. Congressional findings and declaration of purpose
(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 transfer systems. The primary objective
of this subchapter, however, is the provision of individual consumer
rights.
(Pub. L. 90-321, title IX, Sec. 902, as added Pub. L. 95-630, title XX,
Sec. 2001, Nov. 10, 1978, 92 Stat. 3728.)
Effective Date
Section 921 of title IX of Pub. L. 90-321, as added Pub. L. 95-630,
title XX, Sec. 2001, Nov. 10, 1978, 92 Stat. 3741, 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.''
Short Title
This subchapter known as the ``Electronic Fund Transfer Act'', see
Short Title note set out under section 1601 of this title.
