§ 1693e. — Preauthorized transfers.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC1693e]
TITLE 15--COMMERCE AND TRADE
CHAPTER 41--CONSUMER CREDIT PROTECTION
SUBCHAPTER VI--ELECTRONIC FUND TRANSFERS
Sec. 1693e. Preauthorized transfers
(a) A preauthorized electronic fund transfer from a consumer's
account may be authorized by the consumer only in writing, and a copy of
such authorization shall be provided to the consumer when made. A
consumer may stop payment of a preauthorized electronic fund transfer by
notifying the financial institution orally or in writing at any time up
to three business days preceding the scheduled date of such transfer.
The financial institution may require written confirmation to be
provided to it within fourteen days of an oral notification if, when the
oral notification is made, the consumer is advised of such requirement
and the address to which such confirmation should be sent.
(b) In the case of preauthorized transfers from a consumer's account
to the same person which may vary in amount, the financial institution
or designated payee shall, prior to each transfer, provide reasonable
advance notice to the consumer, in accordance with regulations of the
Board, of the amount to be transferred and the scheduled date of the
transfer.
(Pub. L. 90-321, title IX, Sec. 907, as added Pub. L. 95-630, title XX,
Sec. 2001, Nov. 10, 1978, 92 Stat. 3733.)
