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.
It is the purpose of this subchapter to provide a basic framework establishing the rights, liabilities, and responsibilities of participants in electronic fund and remittance transfer systems. The primary objective of this subchapter, however, is the provision of individual consumer rights.
2010—Subsec. (b). Pub. L. 111–203inserted “and remittance” after “electronic fund”.
Effective Date of 2010 Amendment
Amendment by Pub. L. 111–203effective 1 day after July 21, 2010, except as otherwise provided, see section 4 ofPub. L. 111–203, set out as an Effective Date note under section
5301 of Title
12, Banks and Banking.
Pub. L. 90–321, title IX, § 923, formerly § 921, as added by Pub. L. 95–630, title XX, § 2001,Nov. 10, 1978, 92 Stat. 3741, renumbered § 922,Pub. L. 111–24, title IV, § 401(1),May 22, 2009, 123 Stat. 1751; renumbered § 923,Pub. L. 111–203, title X, § 1073(a)(3),July 21, 2010, 124 Stat. 2060, 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
1693i of this title] take effect upon the expiration of ninety days after the date of enactment.”
[Pub. L. 111–203, § 1073(a)(3), which directed renumbering of section 922 ofPub. L. 90–321as section
923 effective 1 day after July 21, 2010, was executed after the renumbering of section 921 ofPub. L. 90–321as section
922 by Pub. L. 111–24, § 401(1), effective 15 months after May 22, 2009, to reflect the probable intent of Congress.]
This subchapter known as the “Electronic Fund Transfer Act”, see Short Title note set out under section
1601 of this title.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.