15 U.S. Code § 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 Bureau, of the amount to be transferred and the scheduled date of the transfer.

Source

(Pub. L. 90–321, title IX, § 907, as added Pub. L. 95–630, title XX, § 2001,Nov. 10, 1978, 92 Stat. 3733; amended Pub. L. 111–203, title X, § 1084(1),July 21, 2010, 124 Stat. 2081.)
Amendments

2010—Subsec. (b). Pub. L. 111–203substituted “Bureau” for “Board”.
Effective Date of 2010 Amendment

Amendment by Pub. L. 111–203effective on the designated transfer date, see section 1100H ofPub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.

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15 USCDescription of ChangeSession YearPublic LawStatutes at Large

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12 CFR - Banks and Banking

12 CFR Part 533 - DISCLOSURE AND REPORTING OF CRA-RELATED AGREEMENTS

12 CFR Part 555 - ELECTRONIC OPERATIONS

14 CFR - Aeronautics and Space

14 CFR Part 374 - IMPLEMENTATION OF THE CONSUMER CREDIT PROTECTION ACT WITH RESPECT TO AIR CARRIERS AND FOREIGN AIR CARRIERS

 

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