[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC1693a]
TITLE 15--COMMERCE AND TRADE
CHAPTER 41--CONSUMER CREDIT PROTECTION
SUBCHAPTER VI--ELECTRONIC FUND TRANSFERS
Sec. 1693a. Definitions
As used in this subchapter--
(1) the term ``accepted card or other means of access'' means a
card, code, or other means of access to a consumer's account for the
purpose of initiating electronic fund transfers when the person to
whom such card or other means of access was issued has requested and
received or has signed or has used, or authorized another to use,
such card or other means of access for the purpose of transferring
money between accounts or obtaining money, property, labor, or
services;
(2) the term ``account'' means a demand deposit, savings
deposit, or other asset account (other than an occasional or
incidental credit balance in an open end credit plan as defined in
section 1602(i) of this title), as described in regulations of the
Board, established primarily for personal, family, or household
purposes, but such term does not include an account held by a
financial institution pursuant to a bona fide trust agreement;
(3) the term ``Board'' means the Board of Governors of the
Federal Reserve System;
(4) the term ``business day'' means any day on which the offices
of the consumer's financial institution involved in an electronic
fund transfer are open to the public for carrying on substantially
all of its business functions;
(5) the term ``consumer'' means a natural person;
(6) the term ``electronic fund transfer'' means any transfer of
funds, other than a transaction originated by check, draft, or
similar paper instrument, which is initiated through an electronic
terminal, telephonic instrument, or computer or magnetic tape so as
to order, instruct, or authorize a financial institution to debit or
credit an account. Such term includes, but is not limited to, point-
of-sale transfers, automated teller machine transactions, direct
deposits or withdrawals of funds, and transfers initiated by
telephone. Such term does not include--
(A) any check guarantee or authorization service which does
not directly result in a debit or credit to a consumer's
account:
(B) any transfer of funds, other than those processed by
automated clearinghouse, made by a financial institution on
behalf of a consumer by means of a service that transfers funds
held at either Federal Reserve banks or other depository
institutions and which is not designed primarily to transfer
funds on behalf of a consumer;
(C) any transaction the primary purpose of which is the
purchase or sale of securities or commodities through a broker-
dealer registered with or regulated by the Securities and
Exchange Commission;
(D) any automatic transfer from a savings account to a
demand deposit account pursuant to an agreement between a
consumer and a financial institution for the purpose of covering
an overdraft or maintaining an agreed upon minimum balance in
the consumer's demand deposit account; or
(E) any transfer of funds which is initiated by a telephone
conversation between a consumer and an officer or employee of a
financial institution which is not pursuant to a prearranged
plan and under which periodic or recurring transfers are not
contemplated;
as determined under regulations of the Board;
(7) the term ``electronic terminal'' means an electronic device,
other than a telephone operated by a consumer, through which a
consumer may initiate an electronic fund transfer. Such term
includes, but is not limited to, point-of-sale terminals, automated
teller machines, and cash dispensing machines;
(8) the term ``financial institution'' means a State or National
bank, a State or Federal savings and loan association, a mutual
savings bank, a State or Federal credit union, or any other person
who, directly or indirectly, holds an account belonging to a
consumer;
(9) the term ``preauthorized electronic fund transfer'' means an
electronic fund transfer authorized in advance to recur at
substantially regular intervals;
(10) the term ``State'' means any State, territory, or
possession of the United States, the District of Columbia, the
Commonwealth of Puerto Rico, or any political subdivision of any of
the foregoing; and
(11) the term ``unauthorized electronic fund transfer'' means an
electronic fund transfer from a consumer's account initiated by a
person other than the consumer without actual authority to initiate
such transfer and from which the consumer receives no be
